Instructions: 1. Open the worksheet you created for Assignment #1 and then "copy and paste" an amortization table (e.g., 30-year FRM) you created for that assignment into the current assignment. The easiest way to copy the worksheet into a new file is to open the worksheet you wish to copy and then right-click the bottom tab and then selecting 'move or copy' and then selecting the new file (you can also try 'copy and paste'). 2. Calculate the borrower's effective borrowing cost of a loan based on the number of months until the borrower prepays the loan. which you assume they do at the end of the month. 3. Answer the questions below based on comparing two different loan options using the worksheets you created for the assignment. Option A is 15-year $235,000 fixed rate mortgage loan offered at 5.1% with $3,000 of origination fees. Option B is a 15-year $235,000 fixed- rate mortgage loan offered at 4.4% with $9,000 of origination fees. 4. What is the APR of each Loan Option if the Borrower plans to Prepay after 2 years? 5. What is the APR of each Loan Option if the Borrower plans to Prepay after 10 years? 6. What loan option should a borrower select if they plan to prepay after 36 months? Why?

Instructions: 1. Open the worksheet you created for Assignment #1 and then "copy and paste" an amortization table (e.g., 30-year FRM) you created for that assignment into the current assignment. The easiest way to copy the worksheet into a new file is to open the worksheet you wish to copy and then right-click the bottom tab and then selecting 'move or copy' and then selecting the new file (you can also try 'copy and paste'). 2. Calculate the borrower's effective borrowing cost of a loan based on the number of months until the borrower prepays the loan. which you assume they do at the end of the month. 3. Answer the questions below based on comparing two different loan options using the worksheets you created for the assignment. Option A is 15-year $235,000 fixed rate mortgage loan offered at 5.1% with $3,000 of origination fees. Option B is a 15-year $235,000 fixed- rate mortgage loan offered at 4.4% with $9,000 of origination fees. 4. What is the APR of each Loan Option if the Borrower plans to Prepay after 2 years? 5. What is the APR of each Loan Option if the Borrower plans to Prepay after 10 years? 6. What loan option should a borrower select if they plan to prepay after 36 months? Why?

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter25: Segment Income Statement (dept)

Section: Chapter Questions

Problem 2R

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