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Use the following information for problems 6 9 You are ready to buy a house...

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Use the following information for problems 6 9 You are ready to buy a house and have 80 000 for a down payment and closing costs Closing costs are estimated to be 2 5 of the loan value You have an annual salary of 155 000 The bank is willing to allow your monthly mortgage payment to be equal to 28 of your monthly income The APR on the loan is 6 25 per year with monthly compounding for a 30 year fixed rate loan 6 How much money will the bank loan you 7 How much can you offer for the house 8 How does your answer change if rates fall to 5 5 9 Construct a loan amortization table in Excel for the original mortgage 6 25

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