PLEASE SHOW CALCULATIONS, DO NOT USE EXCEL Using the mortgage calculator at: http://www.mortgagecalculator.org/ , and...
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PLEASE SHOW CALCULATIONS, DO NOT USE EXCEL
Using the mortgage calculator at: http://www.mortgagecalculator.org/ , and assuming that: (a) each loan is 80% of total home value; (b) the buyers credit is Good, (c) the home is a New Purchase, and (d) the taxes and PMI, etc. are not included (put zeros in these spaces) ---complete the following table:
Home Value
Loan Amount
Loan Terms
Monthly Pymt.
Total Interest
Total Payments
$312,500
$260,000
4.15%, 15 yrs.
$312,500
$260,000
4.15%, 20 yrs.
$312,500
$260,000
4.15%, 30 yrs.
a. What is the relationship between the length of the loan and the monthly payment?
b. What trends do you notice relative to the interest paid in the above scenarios?
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