for the part 2 8b) This is not the correct way to figure this out. You should use “Present Value of an Annuity” formula on our sheet. You will get more than $120,502.
That change in (b) will change the rest of the numbers in the rest of these.
Find a spreadsheet (I would recommend either Excel or Google sheets) that will give an Amortization Table. This table should allow you to type in your home value, 20% down payment, and term (of 360 months/30 years). Then it will give you an amortization table that will show each month the payment, the amount of that payment toward principal, the amount of payment toward interest, balance, and the cumulative amount paid. It should also give you room to type in an additional monthly payment.
10. If you make the minimum monthly payment for the next 30 years, what is the total amount that you will pay for the house?
11. If you make one additional monthly payment per year:
a. What is the total amount that you will pay for the house?
b. In what month will you be done paying for the house?
12. Give a summary of what you learned through this process. Do you think it is worth it to own a house?
13. For your final product, include
a. a typed word document with your explanation of each step including the values and any
citations for the resources that you used. NOTE: I don’t care how you give the citation,
but make sure you are giving the source.
b. Any spreadsheet(s) that you used