Problem
Design and create a worksheet to aid you in the following decision regarding a home purchase. Format your workbook attractively and appropriately.
Asking price: $225,000
Family monthly income: $5,250 (after taxes)
Savings: $33,750
Assumptions:
Mortgage payment maximum of 25% of net income
Mortgage rates:
6.5% witha minimum10% down OR
6.25% witha minimum15% down
You don't want to use all of your savings on your down payment
HINT: Don't forget to deduct your down payment from the amount you're financing!