Please help solve this and please show all the steps to solve this step by step in Excel. Two years ago, Martin purchased a house for $100,000. Martin borrowed a mortgage with 80% of LTV (loan to value ratio). The interest rate on the mortgage is 6%.  Payment terms are being made monthly to amortize the loan over 30 years. Martin has found another lender who will refinance the current outstanding loan balance plus all the costs associated with the new loan at 4.5% with monthly payments for 30 years. Suppose that the new lender will charge three discount points on the new loan and other refinancing costs will equal $3,000.    What is the new loan amount if you choose to refinance? What is Martin's monthly payment for the new loan? What is the effective cost of Martin's new loan and do you refinance if he holds the loan for 30 years?

I need the answer of the question attached. Please provide all possible answers. Thank you!

Jamie is going to buy some furniture with a single payment loan that is discounted. The loan will be for $5,000 for two years at 10% interest. Calculate the APR on this loan. (Show all work.)

Please show how to solve this using excel and please show all formulas in the spreadsheet please!! Thomas decides to buy a house with price of $450,000. Thomas puts 20% down payment and considers a 30-year fixed rate mortgage to pay the remaining balance. The lender offers Thomas two choices of the mortgage with monthly payments shown in the table as choice 1 and choice 2, assume that the origination cost is $6,000. A. If you hold the loan for 30 years, what is the effective cost for each choice? B. How about the effective cost for each choice if the loan will only be outstanding for 5 years (60 months) (i.e. the borrow will pay off the loan at the end of 60 months)?

This problem is a complex financial problem that requires several skills, perhaps some from previous sections.Clark and Lana take a 30-year home mortgage of $122,000 at 7.4%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1300 per month. (a) Find their regular monthly payment. (Round your answer to the nearest cent.)$ (b) Find the unpaid balance when they begin paying the $1300. (Round your answer to the nearest cent.)$ (c) How many payments of $1300 will it take to pay off the loan? Give the answer correct to two decimal places. monthly payments(d) Use your answer to part (c) to find how much interest they save by paying the loan this way. (Round your answer to the nearest cent.)

Five years ago, Diane secured a bank loan of $390,000 to help finance the purchase of a loft in the San Francisco Bay area. The term of the mortgage was 30 years, and the interest rate was 7%/year compounded monthly on the unpaid balance. Because the interest rate for a conventional 30-year home mortgage has now dropped to 5.5%/year compounded monthly, Diane is thinking of refinancing her property. (Round your answers to the nearest cent.) (a) What is Diane's current monthly mortgage payment? (b) What is Diane's current outstanding principal? (c) If Diane decides to refinance her property by securing a 30-year home mortgage loan in the amount of the current outstanding principal at the prevailing interest rate of 5.5%/year compounded monthly, what will be her monthly mortgage payment? (d) How much less will Diane's monthly mortgage payment be if she refinances?

Several years ago, Bill Smith borrowed $125,000 to buy his house. He has a 15 year, monthly payment mortgage with an interest rate of 8.75 percent per annum. Bill is thinking about refinancing his house so he would like to know the payoff on his current loan. Assuming that he just made payment number 94, compute the payoff on Bill's loan. Round your answer to 2 decimal places; record your answer without commas and without a dollar sign.

Athena took out a home loan 4 years ago with a 30-year term, monthly payments of $1,600, and an interest rate of 5%/year compounded monthly on the unpaid balance. She is looking to refinance with a 3.25% per year interest rate and a 26-year loan term. a) Find the outstanding principal after 4 years of regular payments. b) What would the new monthly payment be? Use units and context for both answers. Round answers to two decimal places.