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For this assignment, you will analyze a home mortgage loan.1.Find a description, asking price, and real estate taxes of a house for sale, anddecide on a purchase price you would be willing to pay (assuming you

For this assignment, you will analyze a home mortgage loan.1.Find a description, asking price, and real estate taxes of a house for sale, anddecide on a purchase price you would be willing to pay (assuming you have themeans). Find a current market interest rate for a 30-year fixed-rate mortgagehaving a down payment of 20 percent of the purchase price.2. Compute the down payment, amount financed, and themonthly mortgage payment (showing how to use theappropriate financialformula).3.Compute the monthly amount of real estate taxes and add to the monthlymortgage payment to get the total monthly amount paid.4.Suppose that in order to qualify for the loan, the total monthly amount paidcannot exceed 30 percent of monthly income. What is the minimum monthlyincome needed to qualify for the loan? What is the minimum annual incomeneeded? (Note: This is a simplified minimum income requirement calculation, forthe purposes of this project, as it does not take into account other costs such asinsurance or other loans or assets currently held.)5.Construct an amortization table (using spreadsheet software or onlineresources such as http://www.bankrate.com).6.Assume that the first payment is made in January of the current year. Find themonth and year of the last payment. Find the date of the first month when theamount applied to the principal exceeds the amount of interest paid. How manyof the 360 payments have been made at this point?7.Assuming that the mortgage is held for the full 30 years, compute the totalprincipal paid and the total interest paid.8. Effectively communicate your analysis, interpretation on, evaluation, and theresults you found to be particularly interesting, and why.Your report must include: name of project and your name house’s description,asking price, and real estate taxes, the purchase price, and the current marketinterest rate (include references) computations and answers for tasks 2, 3, and 4,amortization table for task 5, answers for task 6, and computations and answersfor task 7conclusion (task 8)

 
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