LAW XXXXXXXXXXFINAL EXAMINATION FALL 2021 – CRN 30582 PROFESSOR FRIMMER This examination will consist of two parts. In Part 1, you will complete an Excel spreadsheet using the information provided. In...

LAW 102 - FINAL EXAMINATION

FALL 2021 – CRN 30582

PROFESSOR FRIMMER




This examination will consist of two parts. In Part 1, you will

complete an Excel spreadsheet using the information provided. In

Part 2, you will perform legal research and prepare a Powerpoint

presentation to present your conclusions to the Court. Full

instructions are contained in each Part below. Part 1 is worth 30

point and Part 2 is worth 70 points, for a total of 100 points.



PART 1 - EXCEL SPREADSHEET – 30 POINTS – ESTIMATED TIME 1

HOUR

Facts:

John and Mary Smith have decided to purchase their first home

together in Prescott, Arizona. The price for the home is $600,000.

They will be required to put 20% down on the house at the closing, or

$120,000.

They are trying to determine if they can afford the monthly payments

on the mortgage that they will have to take out to complete the home

purchase, and would like to have an amortization schedule to see how

each monthly payment would be applied to interest (deductible for

tax purposes) and to principal reduction over the entire repayment

period of the mortgage.

The mortgage lender that they have decided to use has a great first-
buyer program. The lender will loan them the $480,000. The terms

on the loan are as follows: (1) the interest rate will be 3.5% per year; (2) the payments will be made monthly on the first day of each

month, starting January 1, 2022; and (3) the mortgage will completely

amortize over a 15-year period, starting January 1, 2022, or for 180

months.

John and Mary are using Attorney Janice Jones to assist in closing the

purchase of the home and to apply for the mortgage. They ask

Attorney Jones to prepare the calculations for them.

You are Attorney Jones’ paralegal. Attorney Jones asks you to

prepare an Excel spreadsheet showing the calculations that the

Smiths have requested.

Using the pre-formatted Excel Spreadsheet provided, fill in the

columns using all appropriate formulas to make the calculations.

Since this is not a math quiz, here are some hints:

A. Since the interest rate is annual, you have to divide the rate by

12 in the formula to get the monthly equivalent.

B. You will need to compute the monthly payment using the

formula built into Excel for Payment. That formula is called

=pmt.

C. The formulas for the first line of the spreadsheet are provided to

get you started.

D. Your task is to finish the amortization schedule by showing the

results for each row until the end.

E. If you do it correctly, the loan balance at the end will be “0.”

YOU MUST FILL IN YOUR NAME IN THE HEADER!

WHEN YOU ARE FINISHED, SAVE THE RESULTING SPREADSHEET AND

UPLOAD IT.

LAW 102
LOAN AMORTIZATION SCHEDULE
FALL 2021
PAYMENT DATE MONTHLY PAYMENT MONTHLY INTEREST MONTHLY PRINCIPAL BALANCE
3.50% REDUCTION
480,000.00
1/1/2022 $3,431.44 1,400.00 2,031.44 477,968.56
2/1/2022
3/1/2022
4/1/2022
5/1/2022
6/1/2022
7/1/2022
8/1/2022
9/1/2022
10/1/2022
11/1/2022
12/1/2022
1/1/2023
2/1/2023
3/1/2023
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LAW 102
LOAN AMORTIZATION SCHEDULE
FALL 2021
PAYMENT DATE MONTHLY PAYMENT MONTHLY INTEREST MONTHLY PRINCIPAL BALANCE
3.50% REDUCTION
480,000.00
1/1/2022 $3,431.44 1,400.00 2,031.44 477,968.56
2/1/2022
3/1/2022
4/1/2022
5/1/2022
6/1/2022
7/1/2022
8/1/2022
9/1/2022
10/1/2022
11/1/2022
12/1/2022
1/1/2023
2/1/2023
3/1/2023
4/1/2023
5/1/2023
6/1/2023
7/1/2023
8/1/2023
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12/1/203612/1/2036LAW 102 - FINAL EXAMINATION

FALL 2021 – CRN 30582

PROFESSOR FRIMMER




This examination will consist of two parts. In Part 1, you will

complete an Excel spreadsheet using the information provided. In

Part 2, you will perform legal research and prepare a Powerpoint

presentation to present your conclusions to the Court. Full

instructions are contained in each Part below. Part 1 is worth 30

point and Part 2 is worth 70 points, for a total of 100 points.



PART 1 - EXCEL SPREADSHEET – 30 POINTS – ESTIMATED TIME 1

HOUR

Facts:

John and Mary Smith have decided to purchase their first home

together in Prescott, Arizona. The price for the home is $600,000.

They will be required to put 20% down on the house at the closing, or

$120,000.

They are trying to determine if they can afford the monthly payments

on the mortgage that they will have to take out to complete the home

purchase, and would like to have an amortization schedule to see how

each monthly payment would be applied to interest (deductible for

tax purposes) and to principal reduction over the entire repayment

period of the mortgage.

The mortgage lender that they have decided to use has a great first-
buyer program. The lender will loan them the $480,000. The terms

on the loan are as follows: (1) the interest rate will be 3.5% per year;

https://canvas.yc.edu/courses/28131/assignments/561610?module_item_id=1248281ZOOM

NAME: LAW 102
LOAN AMORTIZATION SCHEDULE
FALL 2021
PAYMENT DATE MONTHLY PAYMENT MONTHLY INTEREST MONTHLY PRINCIPAL BALANCE
3.50% REDUCTION
480,000.00
1/1/2022 $3,431.44 1,400.00 2,031.44 477,968.56
2/1/2022
3/1/2022
4/1/2022
5/1/2022
6/1/2022
7/1/2022
8/1/2022
9/1/2022
10/1/2022
11/1/2022
12/1/2022
1/1/2023
2/1/2023
3/1/2023
4/1/2023
5/1/2023
6/1/2023
7/1/2023
8/1/2023
9/1/2023
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1/1/2024
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12/1/2036LAW 102 - FINAL EXAMINATION FALL 2021 – CRN 30582 PROFESSOR FRIMMER This examination will consist of two parts. In Part 1, you will complete an Excel spreadsheet using the information provided. In Part 2, you will perform legal research and prepare a Powerpoint presentation to present your conclusions to the Court. Full instructions are contained in each Part below. Part 1 is worth 30 point and Part 2 is worth 70 points, for a total of 100 points. PART 1 - EXCEL SPREADSHEET – 30 POINTS – ESTIMATED TIME 1 HOUR Facts: John and Mary Smith have decided to purchase their first home together in Prescott, Arizona. The price for the home is $600,000. They will be required to put 20% down on the house at the closing, or $120,000. They are trying to determine if they can afford the monthly payments on the mortgage that they will have to take out to complete the home purchase, and would like to have an amortization schedule to see how each monthly payment would be applied to interest (deductible for tax purposes) and to principal reduction over the entire repayment period of the mortgage. The mortgage lender that they have decided to use has a great firstbuyer program. The lender will loan them the $480,000. The terms on the loan are as follows: (1) the interest rate will be 3.5% per year; (2) the payments will be made monthly on the first day of each month, starting January 1, 2022; and (3) the mortgage will completely amortize over a 15-year period, starting January 1, 2022, or for 180 months. John and Mary are using Attorney Janice Jones to assist in closing the purchase of the home and to apply for the mortgage. They ask Attorney Jones to prepare the calculations for them. You are Attorney Jones’ paralegal. Attorney Jones asks you to prepare an Excel spreadsheet showing the calculations that the Smiths have requested. Using the pre-formatted Excel Spreadsheet provided, fill in the columns using all appropriate formulas to make the calculations. Since this is not a math quiz, here are some hints: A. Since the interest rate is annual, you have to divide the rate by 12 in the formula to get the monthly equivalent. B. You will need to compute the monthly payment using the formula built into Excel for Payment. That formula is called =pmt. C. The formulas for the first line of the spreadsheet are provided to get you started. D. Your task is to finish the amortization schedule by showing the results for each row until the end. E. If you do it correctly, the loan balance at the end will be “0.” YOU MUST FILL IN YOUR NAME IN THE HEADER! WHEN YOU ARE FINISHED, SAVE THE RESULTING SPREADSHEET AND UPLOAD IT. PART 2: LEGAL RESEARCH AND POWERPOINT PRESENTATION – 70 POINTS – ESTIMATED TIME 3 HOURS FACTS: John and Mary Smith successfully bought the house on the terms shown in Part 1 above. During 2022, 2023 and 2024, they received regular bills from the mortgage lender and made all of the payments on the loan. Starting on January 1, 2025, they did receive a monthly mortgage bill from the bank. Since they did not receive a bill, they forgot to make the mortgage payment. A similar thing happened every month after that for nine (9) years. On January 1, 2034, the lender finally realized that their computer software had omitted John and Mary from the monthly billing cycles. The lender sent them a bill for all of the missed payments, or $383,454.00 (i.e., $3,550,50 each month for 108 months). John and Mary are stunned. They don’t have that kind of money lying around. They make an appointment to see Attorney Janice Jones, who still employs you as her paralegal. They ask Attorney Jones whether there is a statute of limitations that applies so that the bank’s failure to require payments for all those 9 years might bar the bank from collecting. Attorney Jones informs the Smiths that legal research will have to be done and that she will get back to John and Mary. Her preliminary thought is that Arizona does have a 6-year statute of limitations on collecting a debt, but she cannot remember whether and to what extent it applies to mortgage loans. Attorney Jones assigns you, as her paralegal, to do the research and present your findings in a polished Powerpoint presentation to present to the clients, and if needed, to the Court, if a lawsuit will occur. Meanwhile, Attorney Jones, desiring to stop the lender from taking immediate collection action or to start foreclosure proceedings, prepares a letter to the lender denying that John and Mary owe anything and asserts that the lender is barred by the 6-year statute of limitations from collecting the entire balance of the mortgage. The lender wrote back, denying that the statute of limitations applies at all. Is Attorney Jones correct or not? Is the lender correct? Is there a middle ground where each is partially correct? Do the research to determine whether and to that extent a statute of limitations applies under Arizona law to this fact situation. You must identify at least one Arizona Supreme Court case that interprets the statute of limitations as it applies to credit card debts and one Arizona Appeal Court case that deals directly with a mortgage loan of this type. Then prepare a Powerpoint presentation to state the law and your conclusions. You may format the Powerpoint presentation any way you like. The only requirements are: 1. The first slide should have the names of the clients, indicate that it is from Attorney Janice Jones, that it is prepared by you, as her paralegal, and that it is protected by attorney-client privilege. 2. The second slide should concisely state the legal issue and the facts. 3. After that, the following slides should summarize the law. 4. Finally, there should be a slide with the legal conclusions. If you determine that there is a partial application of the statute of limitations that favors the Smiths, identify how much of the loan they are relieved from paying. Use the spreadsheet you prepared in Part 1 to get the numbers. 5. YOU MAY USE BULLET POINTS, BUT STILL WRITE IN FULL SENTENCES. USE PROPER GRAMMER AND DICTION.(2) the payments will be made monthly on the first day of each

month, starting January 1, 2022; and (3) the mortgage will completely

amortize over a 15-year period, starting January 1, 2022, or for 180

months.

John and Mary are using Attorney Janice Jones to assist in closing the

purchase of the home and to apply for the mortgage. They ask

Attorney Jones to prepare the calculations for them.

You are Attorney Jones’ paralegal. Attorney Jones asks you to

prepare an Excel spreadsheet showing the calculations that the

Smiths have requested.

Using the pre-formatted Excel Spreadsheet provided, fill in the

columns using all appropriate formulas to make the calculations.

Since this is not a math quiz, here are some hints:

A. Since the interest rate is annual, you have to divide the rate by

12 in the formula to get the monthly equivalent.

B. You will need to compute the monthly payment using the

formula built into Excel for Payment. That formula is called

=pmt.

C. The formulas for the first line of the spreadsheet are provided to

get you started.

D. Your task is to finish the amortization schedule by showing the

results for each row until the end.

E. If you do it correctly, the loan balance at the end will be “0.”

YOU MUST FILL IN YOUR NAME IN THE HEADER!

WHEN YOU ARE FINISHED, SAVE THE RESULTING SPREADSHEET AND

UPLOAD IT.

Dec 10, 2021
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