Suppose you found the house that you have been looking for y…

Suppose you found the house that you have been looking for years! It comes with a price tag of $285,000. As luck would have it, you also found a bank which is running special where they will finance your house if you put down $25,000 down payment. The loan comes with a 7.5% APR over 30 years. If you decide to take up the offer and put up the down payment, how much would be your monthly payment amount? (Round up your answer to two decimal point)                                                                   Monthly payment Amount: $ Using the table below, fill in the answer for every box and show how you got the numbers (meaning, write the calculations to show how you got each of the answer). Month Beg. Loan Bal. (Show how you got the number) Monthly Payment  (No need to show how you got the number) Applied to Interest (Show how you got the number) Applied to Principal (Show how you got the number) Ending Loan Bal (Show how you got the number) 1st Month $ $ $ $ $ 2nd Month $ $ $ $ $

Suppose you found the house that you have been looking for y…

Suppose you found the house that you have been looking for years! It comes with a price tag of $285,600. As preparation for this very moment you have been saving for the last five years and managed to save $20,000 which you plan to put down as a down payment for the house. If the mortgage company is willing to finance your house with a 5.5% APR, 20-year loan, then what would be your monthly payment? $ (Round up your answer to two decimal point) Using the monthly payment, fill out all the blank boxes below. Fill in the answer for every box and show how you got the numbers in the box (meaning, write the calculations to show how you got each of the answer). Months Beg Loan Bal.(Show how you got the number) Monthly Payment (No need to show how you got the number) Applied to Int.(Show how you got the number) Applied to Prin.(Show how you got the number) End Loan Bal.(Show how you got the number) 1st Month $ $ $ $ $  

ALTERNATE UPLOAD METHOD: If you wish you can upload all your…

ALTERNATE UPLOAD METHOD: If you wish you can upload all your work here in a SINGLE file.  Camscanner works well to create a single file from phone/tablet photos.  If you do this make sure your work is clearly labeled as to which problem it is for.    If you don’t have a way to combine your work in a single file then you must use the per question uploads above.  Either way if you are unsure that it worked you must email all your work files to your instructor immediately after you submit the exam.