(Individual home purchase price = 667800 and interest rate= 3.54 This project’s focus to to enhance your understanding of mortgages, annuities and the time-value of money, as well as work on enhancing technological and analytical skills. You are going to create an Excel document (as explained in class and on the syllabus, Nichols have access to downloading Excel from OneLogin). This document Download This document has all of the instructions. Read it thoroughly, and make sure you follow them exactly. After creating the Excel spreadsheet, you are going to need to answer the 6 analysis questions on the second page of the assignment. You should insert a text-box in your Excel spreadsheet and type your answers there. Please email if you need help with that.

Project #3: Mortgage Project The bold, underlined numbers in the paragraph below CHANGE for each student. Please look at the “Individual mortgage project numbers” PDF on our Canvas page to find the purchase price and interest rate assigned to you. Sara bought a house in April of 2021 for H=$420000. She made a 5% down payment and mortgaged the rest of the cost. She secured a mortgage with an interest rate of r=4.25%/year for 30 years. Create an Excel spreadsheet to calculate Sara’s monthly payment and create a partial amortization table showing balances owed and amounts paid for each month in the term (step-by-step instructions below). Follow the instructions below to create your Excel file (literally type exactly what is there). You should insert a textbox on your spreadsheet to type the answers to questions #1-6 located on page 2.  Type in an Excel sheet:  In A1: =0.95*H  In A2: the interest rate as a decimal  In A3: 30  In A4: 12  In B1: ”Mortgage Amount”  In B2: “rate”  In B3: “term”  In B4: “m”  In C6: =PMT(A2/A4,A4*A3,-A1,,0)  In F1: “Month”  In F2: 0  In F3: =F2 1  Drag the cursor down column F until the column goes up to 360 (F362).  In G1: “Still owe”

 

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