2. Kate will certainly purchase a home for $500,000 with a 10% down payment and $10,000 in cshedding expenses. The cshedding prices are consisted of in the loan. A 10-year loan is arranged at 5% interemainder compounded monthly.

(a) What is the monthly payment?

(b) By picking to incorporate the closing expenses in the loan, just how much money was phelp in interest on the closing prices over the life of the loan.

(c) What is the efficient interest price for this loan? (Hint: you have to take right into account the monthly compounding AND the closing prices.)

(d) Suppose cshedding costs were phelp at closing. How does this readjust the all at once cost of the loan? How does this readjust the efficient interest rate?

(NOTE: EVERYTHING SHOULD BE DONE IN EXCEL. OTHERWISE NO POINTS. INCLUDE THE FUNCTION USED AS WELL. IF ITS POSSIBLE INCLUDE THE SPREADSHEET FILE AS WELL)




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