You are considering purchasing a new home with a price of $156,500. From the sale of...

  

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You are considering purchasing a new home with a price of $156,500. From the sale of a previous home and your savings, you plan on a down payment of $30,000. Directions: 1. Insert house clip art here. 2. Create a worksheet similar to the one below to calculate your monthly house payment (not including any taxes). Calculating an Affordable House Payment 3. 4. Selling Price Down Payment Interest Rate $ 156,500 $ $ 156,500 S 30,000 30,000 Total Length of Monthly Total Loan in Years Payment Principal Interest 30 15 Research local mortgage rates to perform the calculations; find a fair rate for a 15-year and a 30-year mortgage and include them in your worksheet. Use a function to calculate the monthly house payment. Assume you decide that, if you take the 30-year mortgage, you cannot afford a monthly payment higher than $550. Use Goal Fook to determine how much of a down payment would be 3. 4. 5. Use a function to calculate the monthly house payment. Assume you decide that, if you take the 30-year mortgage, you cannot afford a monthly payment higher than $550. Use Goal Seek to determine how much of a down payment would be necessary to bring the house payment down to $550. Assume you decide that, if you take the 15-year mortgage, you cannot afford a monthly payment higher than $800. Use Goal 6. 7. 8. Seek to determine how low the interest rate must be to bring the house payment down to $800. Apply formatting of your choice to the worksheet. Add a header to the worksheet that includes your name in the center. Save the worksheet as EL2-U2-SA1-House Payment with the You are considering purchasing a new home with a price of $156,500. From the sale of a previous home and your savings, you plan on a down payment of $30,000. Directions: 1. Insert house clip art here. 2. Create a worksheet similar to the one below to calculate your monthly house payment (not including any taxes). Calculating an Affordable House Payment 3. 4. Selling Price Down Payment Interest Rate $ 156,500 $ $ 156,500 S 30,000 30,000 Total Length of Monthly Total Loan in Years Payment Principal Interest 30 15 Research local mortgage rates to perform the calculations; find a fair rate for a 15-year and a 30-year mortgage and include them in your worksheet. Use a function to calculate the monthly house payment. Assume you decide that, if you take the 30-year mortgage, you cannot afford a monthly payment higher than $550. Use Goal Fook to determine how much of a down payment would be 3. 4. 5. Use a function to calculate the monthly house payment. Assume you decide that, if you take the 30-year mortgage, you cannot afford a monthly payment higher than $550. Use Goal Seek to determine how much of a down payment would be necessary to bring the house payment down to $550. Assume you decide that, if you take the 15-year mortgage, you cannot afford a monthly payment higher than $800. Use Goal 6. 7. 8. Seek to determine how low the interest rate must be to bring the house payment down to $800. Apply formatting of your choice to the worksheet. Add a header to the worksheet that includes your name in the center. Save the worksheet as EL2-U2-SA1-House Payment with the

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Purchasing a New home with a Price 156500 down Payment of 30000 without any taxes alculating An Affo... View the full answer