Question: Use the Excel template to build an amortization table for Juan Sanchez. 1. Juan wants to buy a home for $85,000. His loan will be

Use the Excel template to build an amortization table for Juan Sanchez.

1. Juan wants to buy a home for $85,000. His loan will be financed at 6% interest for 30 years. Juan must make a 10% down payment. Using this information, what will Juans monthly payment be?

2. In December, 2010, how much will Juan owe on his mortgage?

3. How much interest will Juan pay over the course of the loan?

4. If the interest rate suddenly rises to 6.25%, what will his payment be?

Print off the template for your teacher and turn in your print out with the answers to the questions above.

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