Case 1: You apply for a 20-year, fixed-rate (APR 6.48%) monthly-payment-required mortgage loan for a house...

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Case 1: You apply for a 20-year, fixed-rate (APR 6.48%)monthly-payment-required mortgage loan for a house selling for$150,000 today. Your bank requires 22% initial down payment ofhouse value (to be paid upfront in cash immediately, thus notincluded in the loan balance), and $3,000application-process-closing cost (to be carried into the beginningloan balance and amortized later).
(a) What is your monthly loan payment if you stick to themortgage deal till the end (assuming each payment is made at theend of each month)?
(b) 9 years (i.e., 108 months, please note again that it is amonthly mortgage) after buying the house, what will be theremaining loan principal balance?
(c) 9 years (i.e., 108 months) after buying the house, themortgage loan market rate drops from 6.48% APR to 6.00% APR. Youwant to refinance, but the bank would charge an extra fee of $4,500for refinancing (which would be carried into the remaining loanbalance for amortization). Would you be able, and by how much, tolower your monthly loan payment, if you choose to refinance on theremaining loan principal balance over the remaining loan lifeperiod? Based on your calculation results, should you choose torefinance or not?
(d) Redo the calculations in Question (c), assuming that theloan market rate drops from 6.48% APR to 5.76% APR (instead of6.00%). Shall you choose to refinance then?
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Case 1: You apply for a 20-year, fixed-rate (APR 6.48%)monthly-payment-required mortgage loan for a house selling for$150,000 today. Your bank requires 22% initial down payment ofhouse value (to be paid upfront in cash immediately, thus notincluded in the loan balance), and $3,000application-process-closing cost (to be carried into the beginningloan balance and amortized later).(a) What is your monthly loan payment if you stick to themortgage deal till the end (assuming each payment is made at theend of each month)?(b) 9 years (i.e., 108 months, please note again that it is amonthly mortgage) after buying the house, what will be theremaining loan principal balance?(c) 9 years (i.e., 108 months) after buying the house, themortgage loan market rate drops from 6.48% APR to 6.00% APR. Youwant to refinance, but the bank would charge an extra fee of $4,500for refinancing (which would be carried into the remaining loanbalance for amortization). Would you be able, and by how much, tolower your monthly loan payment, if you choose to refinance on theremaining loan principal balance over the remaining loan lifeperiod? Based on your calculation results, should you choose torefinance or not?(d) Redo the calculations in Question (c), assuming that theloan market rate drops from 6.48% APR to 5.76% APR (instead of6.00%). Shall you choose to refinance then?Need Excel Formulas for all