Expert answer:Finance Assignment

Answer & Explanation:FIN 307 Miller 11(1).pdf
fin_307_miller_11_1_.pdf

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11/2/2015
FIN 307 Miller
Mortgage Homework – DUE 11/12
You are planning on buying a home. You have found one with a total purchase price of $325,000.
You have saved enough to pay for 20% up front. …. You can borrow the balance from a mortgage broker
for 4% for 30 years (compounded monthly).
Build an amortization schedule for the loan as shown below. Build the table for the entire loan period.
Use EXCEL. Use the following functions: PMT, IPMT, and PPMT. See the sample.
Use an input table … which means tell the formulas to get the data from the input table. TURN In
Excel File AND answer the following questions… through the portal (submit online).
1. What is the total interest paid through the life of the loan?
2. What is the principal portion of the payment for payment #140?
3. What is the interest portion of the payment for payment #61?
4. What is the cumulative interest paid at 98 months?
5. How many months does it take to pay off the first $14,000 (+$500)?
…
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