Aelast da.y, xo Wand m % Far }205, a Math 1050 Mortgage Project Due date: 3/23/2015 ‘we will examine a home loan or mortgage. Assume that you have found a home greed to a purchase price of $201,000 ment: You are going to make a 10% down payment op the house, Determine the unt of your down payment and the balge@ to finance Os gael And 80,700 ent: Calculate the monthly paynént for a 30 year loan (rounding up to the pe using the following formula Show your work. [PMT is the monthly loan ‘the mortgage amount, ris the annual percent rate for the loan in decimal, and Y is § to pay off the loan.) For the 30 year loan use an annual interest rate of ‘ipal on the loan. It does not arding the amortization ofreadsheet on the web. Beamon Srrewamortize him. Enter the amount ni ‘the selling price minus the down payment, the interest rate, and the appropriate ie. ‘years. Check the box to show the schedule 2D mt payment for a 30 year mortgage eer cents different from your calculation, check your numbers!) s paid over 30 years 7,70e paid 248 ny hat the amount of the payment that goes towards the principal and the amount ae goes he interest are not constant. What do you observe about each of these values on \nttrest is higher then 4\u ayes words Bey rene 44 20 alittlewer en more of payment goes toward principal than interest | 14 ents are for principal and interest only. You will also have and property taxes. In addition, it is helpful to have like electricity, running water, and food. As a wise home principal and interest payment should not exceed 35% of at minimum monthly take-home pay should you have in order for making this calculationItis also important to (before taxes). Assuming thar oes et take-home pay (afer axes) is ess than your gros pay Annual salary will you nese PY 5.73% of your gos pay, what minimum sess ‘work for ing this calculation tave the monthly net salary stated above? Show your serverts: Meds Se 2,766.7) 13 WG4s= 3,79001 (12) = 45,460.10 15,46! for 10 years, you want to sell. The economy the value of real estate increases over time, To stich as real estate, we use continuously compounded assuming a continuous interest rate of 4%. Show your work