Instructions:
Find a home you would like to buy somewhere in the U.S. (assume you have sufficient funds and financing means). Use Google, Zillow, Realtor.com or another real estate site to find a home. Make sure to include the link for the home in your discussion post so others can view it.
Home Link: https://www.realtor.com/realestateandhomes-detail/121-Sunrise-Dr_Mars-Hill_NC_28754_M98455-00924?from=srp-list-card
For the home you find, assume you will put a 30% down payment on the asking price (disregard closing costs). Look up an approximate interest rate for a 15 or 30 year loan using bankrate.com or a lender website of your choice. Select one (not both) for calculating a monthly payment.
Using Excel’s pmt function, calculate the monthly payment for your new home and post (along with the link to your subject property) the following 5 figures: 1) Purchase price, 2) Loan amount, 3) Annual interest rate, not APR, 4) Term in months, 5) Monthly payment.
Here are the pmt function variables: rate = interest rate divided by 12, for example .06/12; nper = number of months (180 or 360); pv = the loan amount (purchase price minus the 30% down payment).
Paste a copy of your Excel formula into the post. It can be copied from the formula bar on the Excel page, next to the fx icon. Don’t use cell references in the formula so we can see the actual figures used (and so you don’t need to attach an Excel file). Provide any additional comments or details about your search or the property that you’d like.