Question #1: On paper create an amortization schedule for a 5 years car loan of $5,000...

  

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Question #1: On paper create an amortization schedule for a 5 years car loan of $5,000 at 9% interest. List the six headings and show the work. b. For the life of the loan, calculate: i. The total payments made: ii. Total interest paid: iii. Total principal paid: iv. Why is the total payment more than the amount borrowed initially? Question #2: Real life application: Buying a House Using an excel template, create an amortization schedule for a $500,000 house assuming 20% down payment, 4% interest for 30 years with monthly payments. Note: Insert the data in the top left hand corner of the Excel Sheet. Link with formulas Calculation at 4% interest: a. How much is the down payment? c. Monthly payments b. List the steps to get the monthly payment amount i. List financial calculator keys b. What is the loan amount? ii. List Excel steps C. For the life of the loan, list the : i. Total payments made: ii. Total interest paid: iii. Total principal paid: Question #3. Now, let's assume due to poor credit the mortgage rate increased from 4% to 8%. a. How much will be the monthly payments? paid in the life of the loan? b. What is the total interest 3. What advise can you give a prospective homeowner who hopes to buy the house. a. b. C. Question #1: On paper create an amortization schedule for a 5 years car loan of $5,000 at 9% interest. List the six headings and show the work. b. For the life of the loan, calculate: i. The total payments made: ii. Total interest paid: iii. Total principal paid: iv. Why is the total payment more than the amount borrowed initially? Question #2: Real life application: Buying a House Using an excel template, create an amortization schedule for a $500,000 house assuming 20% down payment, 4% interest for 30 years with monthly payments. Note: Insert the data in the top left hand corner of the Excel Sheet. Link with formulas Calculation at 4% interest: a. How much is the down payment? c. Monthly payments b. List the steps to get the monthly payment amount i. List financial calculator keys b. What is the loan amount? ii. List Excel steps C. For the life of the loan, list the : i. Total payments made: ii. Total interest paid: iii. Total principal paid: Question #3. Now, let's assume due to poor credit the mortgage rate increased from 4% to 8%. a. How much will be the monthly payments? paid in the life of the loan? b. What is the total interest 3. What advise can you give a prospective homeowner who hopes to buy the house. a. b. C.