‘Assuming that you can sell the house for this amount, use the following information to calculate your gains or losses: Selling price of your house $2AA_ SS. Wo* Original down payment $2.0, \O0 * A Ydlortgage paid over the ten years $33,803 S52 © ‘The principal balance on your loan after ten years $ 141, 030. 48 Do you gain or lose money over the 10 rea Sua Show your amounts and summarize a ‘your result 7 Tin pay hue ov principal balance $ (Geen es) ST araTe re ae v8 Cae, _g1e, 100-00 -§3, 3, %03.9% “WH OWS 57,720.28 $49, 950-18 ¥ Gl978L0-2% we you gain money. Part Ill: _15 year Mortgage Using the same purchase price and down payment, we will investigate a 15 year mortgage. Monthly Payment: Calculate the monthly payment for a 15 year loan (rounding up to the nearest cent) by using the following formula. Show your work! [PMT is the monthly loan payment, P is the mortgage amount, ris the annual percent rate for the loan in decimal, and Y is the number of years to pay off the loan.] For the 15 year loan use an annual interest rate of 4T35% PMT = ‘Show work here PMT a +04139)\ 0,4 Bh aes 190,400 iz) 04735) -12 0S) [ee MT = 113.0O12S eM -50114}2133 YMIT= 1409.10 Monthly Payment for a 15 year mortgage= $1,405. ]0