Reference no: EM132562977
Using the list price of Client A house, calculate the following (Note: round to two decimal places)
Question a. Calculate the amount of your down payment
Question b. Calculate the mortgage amount required
Question c. Calculate the following assuming: semi-annual compounding of interest, 25-year amortization and monthly payments:
1. Monthly payment (assume a 25-year amortization)
2. Principal balance on your renewal date (end of term)
3. Principal portion of the 12th payment
4. Interest portion of the 12th payment
5. Total interest paid during the term of your mortgage
6. Total interest paid at end of amortization (25-years)
7. Monthly payment (assuming a 20-year amortization)
8. Total interest paid at end of amortization (20-years)
9. Interest difference between #6 and #8
10. Assuming a rate of 2.4% (compounded annually), how much do you have to save on a monthly basis (end of month deposits) to accumulate the down payment for this purchase (assume you don't have anything currently saved) if you want to buy this house in 5-years?
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