Solve a. b. c. d. and e. step by step using excel or a financial calculator, please show steps to get the answer. Maria bought a house with price of $250,000. Her LTV (loan-to-value ratio) is 80%. She chooses the 30-year mortgage with interest rate 6%. Assuming the total origination cost is $10,000. a. What is Maria's loan amount? What is her monthly payment? What will be the loan balance at the end of nine years? b. What is the effective borrowing cost if the loan will be prepaid at the end of nine years? c. In the monthly payment, how much does Maria pay for the principle and how much does Maria pay for the interest in the 1st and the 2nd month? d. What will be Maria's interest payments for the first 5 years (year 1 to year 5) and the last 5 years (year 26 to year 30)? e. What is Maria's annual percentage rate (APR)?

Solve a. b. c. d. and e. step by step using excel or a financial calculator, please show steps to get the answer. Maria bought a house with price of $250,000. Her LTV (loan-to-value ratio) is 80%. She chooses the 30-year mortgage with interest rate 6%. Assuming the total origination cost is $10,000. a. What is Maria's loan amount? What is her monthly payment? What will be the loan balance at the end of nine years? b. What is the effective borrowing cost if the loan will be prepaid at the end of nine years? c. In the monthly payment, how much does Maria pay for the principle and how much does Maria pay for the interest in the 1st and the 2nd month? d. What will be Maria's interest payments for the first 5 years (year 1 to year 5) and the last 5 years (year 26 to year 30)? e. What is Maria's annual percentage rate (APR)?

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 27M

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Please show all steps and formulas in an excel spreadsheet to answer a. through g. using the information below! You bought a house with price of $250,000. Your LTV (loan-to-value ratio) is 80%. You choose the 30-year mortgage with interest rate 6%. Assuming the total transaction cost is $10,000. a. What is your loan amount? b. What is your monthly payment? c. What will be the loan balance at the end of nine years? d. What is the effective borrowing cost if the loan will be prepaid at the end of nine years? e. In the monthly payment, how much you pay for the principle and how much you pay for the interest in the 1st and the 2nd month? f. What will be your interest payments for the first 5 years (year 1 to year 5) and the last 5 years (year 26 to year 30)? g. What is your annual percentage rate (APR)?
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