please show how to solve using excel. Two years ago, Sarah purchased a house of $500,000. Sarah borrows a mortgage with 80% of LTV (loan to value ratio). The interest rate on the mortgage is 6.25%.  Payment terms are being made monthly to amortize the loan over 30 years. Sarah found another lender who will refinance the current outstanding loan balance plus all the costs associated with the new loan at 5% with monthly payments for 30 years. Suppose that the new lender will charge 2.5 discount points on the new loan and other refinancing costs will equal $10,000.    a. What is the new loan amount if Sarah chooses to refinance? b. Should Sarah refinance if she holds the loan for 30 years? c. If Sarah chooses to refinance, at least how many years should she stay in the house (do not prepay) and Why?

Mia Sato purchased a new condominium for $225,000.  The bank required a $40,000 down payment.  Assume a rate of 6% on a 30-year mortgage.  What is Mia’s monthly payment? What is Mia's total interest cost if she pays each payment as scheduled for 30 years? Explanation of how to determine the solution to the problem and the correct answer, please.

LaTisha owed $65,000 when she graduated from college. Suppose her 10-year loan had an APR of 4.5% with monthly payments of $673.65. How much will she spend on interest over the life of the loan? Round your answer to the nearest cent. Use the spreadsheet to solve.

Some years ago, Penny purchased the car of her dreams for $25,000 by paying 20% down at purchase time and taking a $20,000, 5-year, 6% per year, compounded monthly loan with 60 monthly payments of $386.66 each. She is examining her loan situation and would like to have some specific information. Help her obtain the following: (a) Verification of the current monthly payment amount. (b) Total amount she will pay over the 5 years. (c) Total interest she will pay over the 5 years and the percentage this represents of the original loan amount of $20,000. (d) After she missed payment #36 at the very end of the third year, according to the loan agreement, the interest rate increased from 6% to 10% per year, compounded monthly. Based on the remaining principal immediately after the late payment, determine the new monthly payment. Verify that this increased amount is necessary to pay off the loan at the increased rate. (e) Penny is now in her fourth year, has paid the increased payment for 12…

The Becker family is getting a home loan to finance a $260,000 mortgage. While looking for a mortgage, they found two alternatives: Mortgage A 30-year loan with an interest rate of 3.611% and a monthly payment of $1,184. Mortgage B 15-year loan with an interest rate of 2.7% Recall: Calculate the total amount paid for Mortgage A. Calculate the total interest paid for Mortgage A. Calculate the monthly payment for Mortgage B. Calculate the total amount paid for Mortgage B. Calculate the total interest paid for Mortgage B. Write a two or more sentences giving the Becker family some advice about which mortgage to choose. Why might the Becker family not take your advice from part c)? Answer in one or two sentences.

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Peter and Julia decide on a 15 year mortgage valued at $165,000. They are doing some financial comparisons of two similar loan options. Loan A: 4.5% annual interest rate resulting in monthly payments of $1262.24 Loan B: 4% annual interest rate resulting in monthly payments of $1220.49 What is the total payback for each loan? (Assume only the minimum payment is made each month.) How much more interest will Peter and Julia pay if they choose Loan A? Provide your answer below: Loan A =$ Loan B =$ They will pay $ more interest if they choose Loan A.

Stephen has just purchased a home for $153,200. A mortgage company has approved his loan application for a 30-year fixed-rate loan at 4.75%. Stephen has agreed to pay 25% of the purchase price as a down payment. If Stephen made the same loan for 20 years, how much interest would he save? E Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed. Stephen would save $ (Round to the nearest cent as needed.)

Hector and Maria purchase their first home for $138,000. They make a 10% down payment and finance the remaining balance for 30 years at 6.5% annual interest. Calculate the amount of principal they will owe after their first two payments of principal and interest. (Use a formula for MMP) Find the loan-to-value ratio for a home appraised at $640,000 that the buyer will purchase for $655,000. The buyer plans to make a down payment of $160,000. Find Cameron's housing ratio if his PITI is $1,831.31 and his gross monthly income if $6,521. Find Selina's debt to income ratio if her fixed monthly expenses are $1,625 and her gross monthly income is $4,811. 1. 2. 3. 4.

Anna is buying a house selling for $255,000. To obtain the mortgage, Anna is required to make a 15% down payment. Anna obtains a 30-year mortgage with an interest rate of 6%. Click the icon to view the table of monthly payments. a) Determine the amount of the required down payment. b) Determine the amount of the mortgage. c) Determine the monthly payment for principal and interest. a) Determine the amount of the required down payment. $ b) Determine the amount of the mortgage. $ c) Determine the monthly payment for principal and interest. $ (Round to the nearest cent.)