This assignment will be treated as a extra Quiz. It will be used to replace a lo
ID: 2647659 • Letter: T
Question
This assignment will be treated as a extra Quiz. It will be used to replace a lower quiz score. You are planning on buying a home. You have found one with a total purchase price of $ 250,000. You have saved enough for a 20% down payment up front. You can borrow the balance from a mortgage broker for 4 %% for 30 years (compounded monthly). Use EXCEL. Build an amortization schedule for the loan as shown below. Build the table for the entire loan period. Use the following functions: PMT, IPMT, and PPMT. See the sample. Use an input table. This means that you will layout the Excel table such that to calculate the PMT, IPMT, and PPM, you will retrieve data from the input table. Submit, through BB Learn, the excel table as an attachment AND answer the following questions (either as a attachment or within the text box provided): What is the total interest paid through the life of the loan? What is the principal portion of the payment for payment #99? What is the interest portion of the payment for payment #43? What is the cumulative interest paid at 112 months? How many months does it take to pay off the first $15,000 of principal (within +$100)?Explanation / Answer
Total intertest paid =514130
Principal portion for the payment # 99=1803
Interest portion for the payment # 43 =504.18
Cumulative interest paid at 112 months =47230
Months taken to pay off the first 15000 = 12 months