Using Excel solve the following: You want to buy a house in Whittier CA that cos

Question

Using Excel solve the following:

You want to buy a house in Whittier CA that costs $949,000. You have a down payment equal to

25% of that price, and you have found a bank that will loan you the remainder (ignore closing costs,

property taxes, etc..). The interest rate on this mortgage is 3.75% p.a. with monthly compounding

(APR), this rate is fixed for 30 years, and payments on the loan are made monthly (in arrears, as

with most mortgages). Assume that you will take out the loan on December 1st, 2017. Create an

amortization table for this mortgage. Using the VLOOKUP function, create a table that displays:

a. The amount of principal paid with the payment made in September 2032

b. The amount of interest paid with the payment made in December 2039.

Explanation / Answer

Can't upload the excel file .

Cost of the House $949,000 Less : Down payment 25% -$237,250 Amount borrowed $711,750 Rate = 3.75%/12 0.31% Period = 30 x 12 360 Monthly Payment = PMT(.31%,360,-711750)] $3,296.23

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