Compute the lender total income

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Reference no: EM131886362

Suppose you plan to buy a new house. The Cost of the property is $335,000, and you need to take out a 15-year Mortgage. The lender requires a 20% down payment. The interest rate on your ortgage is 3.25%. 1) How much would you barrow? 2) What will your monthy payments be? 3) Create an Amortization table in excel and answer the following question. A.) How many Collumns do the amortization table have? please list the label of each column. B.) How much would you still owe at the end of the second year, after you have made the payment? C.) By how much would you reduce the amount you owe in the 20th Month? D.) Compute the lender's total income during the 15 years.

Reference no: EM131886362

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