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6. Home loans, standard problem: You wish to buy a $180,000 house. You put 20% down and take a loan at r=6%% for 20 year
Posted: Sun May 08, 2022 10:21 am
by answerhappygod
- 6 Home Loans Standard Problem You Wish To Buy A 180 000 House You Put 20 Down And Take A Loan At R 6 For 20 Year 1 (199.84 KiB) Viewed 44 times
6. Home loans, standard problem: You wish to buy a $180,000 house. You put 20% down and take a loan at r=6%% for 20 years. a. Find the down payment amount b. Find the loan amount c. Find PMT, the monthly payment (you can use Unit 1 or Unit 2 formula; check with Excel-attach this) d. Find the total paid e. Find the total interest f. For the first month, do an amortization table to determine the amount paid in interest and towards principal 6. Take the PMT and add $50/mon insurance and $100/mon property tax. Based on this how high does your income need to be to satisfy the 28% PITI rule?