Question

#8 only, the first photo are questions i already solved/given criteria

1. The house really stands out and is centrally located within the community to make commuting within Colorado Springs easier. 2. The home we chose is 5425 Widgeon Point Colorado Springs, CO 80918, that has a current asking price of $990,000. 3. Based on rates from bankrate.com, currently, we would be able to obtain around a 3.78% interest rate for a 30 year fixed mortgage. 4. At a 10% rate there would need to be a down payment of $99,000 in order to secure any locked in rates 5. The loan amount needed would be $891,000 removing the down payment. 6. The monthly mortgage amount is $4,142.

Answer 1

	Q8
	Fv	Savings Required for down payment	$99,000
	Rate	Monthly interest rate =(7/12)%	0.5833%
	Pmt	Monthly savings	$300
	NPER	Number of months required	184.5	(Using NPER function of excel with Rate=0.5833%, Pmt=-300,Fv=99000)
		To get the downpayment faster, Monthly savings need to increased
		If Monthly Savings =	$600
		Number of months required	115.9	(Using NPER function of excel with Rate=0.5833%, Pmt=-600,Fv=99000)
		If Monthly Savings =	$1,200
		Number of months required	67.5	(Using NPER function of excel with Rate=0.5833%, Pmt=-1200,Fv=99000)
											Angmeт Cет Latng fx =NPER(H4,-H5,, H3) Н6 А D E G Н J к L M O P 1 $99,000 Savings Required for down payment Fv Monthly interest rate (7/12)% Monthly savings Number of months required 0.5833% 4 Rate $300 5 Pmt (Using NPER function of excel with Rate 0.5833%, Pmt-- 300, Fv-990000) 6 NPER 184.5 7 Angmmeт Cет Latng fx =NPER(H4,-H9,,H3) X H10 А D E F G Н J к L M O 1 Q8 $99,000 Savings Required for down payment 3 Fv Monthly interest rate (7/12)% Monthly savings Number of months required 0.5833% 4 Rate $300 5 Pmt (Using NPER function of excel with Rate-0.5833%, Pmt=-300, Fv-990000) 6 NPER 184.5 7 To get the downpayment faster, Monthly savings need to increased If Monthly Savings = 8 $600 Number of months required 115.9 (Using NPER function of excel with Rate-0.5833%, Pmt--600, Fv-99000) 10 11 If Monthly Savings= Number of months required $1,200 12 67.5 (Using NPER function of excel with Rate=0.5833%, Pmt-1200, Fv-99000) 13 Styles Clipboard Font Alignment Number Cells Editing fox =NPER(H4,-H12,H3) H13 A В C. D E F G Н К L M N O P Q8 $99,000 Savings Required for down payment 3 Fv Monthly interest rate =(7/12)% Monthly savings 4 Rate 0.5833% $300 5 Pmt Number of months required (Using NPER function of excel with Rate-0.5833%, Pmt=-300, Fv-990000) 6 NPER 184.5 7 To get the downpayment faster, Monthly savings need to increased If Monthly Savings $600 9 Number of months required (Using NPER function of excel with Rate-0.5833%, Pmt--600, Fv-990000) 10 115.9 11 $1,200 67.5 (Using NPER function of excel with Rate-0.5833%, Pmt-1200, Fv-99000) If Monthly Savings = Number of months required 12 13 14