LAW 102 - FINAL EXAMINATIONFALL 2021 – CRN 30582PROFESSOR FRIMMERThis examination will consist of...

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LAW 102  -   FINAL EXAMINATIONFALL 2021 – CRN 30582PROFESSOR FRIMMERThis examination will consist of two parts.   In Part 1, you willcomplete an Excel spreadsheet using the information provided.  InPart 2, you will perform legal research and prepare a Powerpointpresentation to present your conclusions to the Court.   Fullinstructions are contained in each Part below.    Part 1 is worth 30point and Part 2 is worth 70 points, for a total of 100 points.PART 1  -    EXCEL SPREADSHEET – 30 POINTS – ESTIMATED TIME 1HOURFacts:John and Mary Smith have decided to purchase their first hometogether 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 paymentson the mortgage that they will have to take out to complete the homepurchase, and would like to have an amortization schedule to see howeach monthly payment would be applied to interest (deductible fortax purposes) and to principal reduction over the entire repaymentperiod 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 termson 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 eachmonth, starting January 1, 2022; and (3) the mortgage will completelyamortize over a 15-year period, starting January 1, 2022, or for 180months.John and Mary are using Attorney Janice Jones to assist in closing thepurchase of the home and to apply for the mortgage.   They askAttorney Jones to prepare the calculations for them.You are Attorney Jones’ paralegal.   Attorney Jones asks you toprepare an Excel spreadsheet showing the calculations that theSmiths have requested.Using the pre-formatted Excel Spreadsheet provided, fill in thecolumns 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 by12 in the formula to get the monthly equivalent.B.  You will need to compute the monthly payment using theformula built into Excel for Payment.   That formula is called=pmt.C. The formulas for the first line of the spreadsheet are provided toget you started.D. Your task is to finish the amortization schedule by showing theresults 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 ANDUPLOAD IT.LAW 102LOAN AMORTIZATION SCHEDULEFALL 2021PAYMENT DATE MONTHLY PAYMENT MONTHLY INTEREST MONTHLY PRINCIPAL BALANCE3.50% REDUCTION480,000.001/1/2022 $3,431.44 1,400.00 2,031.44 477,968.562/1/20223/1/20224/1/20225/1/20226/1/20227/1/20228/1/20229/1/202210/1/202211/1/202212/1/20221/1/20232/1/20233/1/20234/1/20235/1/20236/1/20237/1/20238/1/20239/1/202310/1/202311/1/202312/1/20231/1/20242/1/20243/1/20244/1/20245/1/20246/1/20247/1/20248/1/20249/1/202410/1/202411/1/202412/1/20241/1/20252/1/20253/1/20254/1/20255/1/20256/1/20257/1/20258/1/20259/1/202510/1/202511/1/202512/1/20251/1/20262/1/20263/1/20264/1/20265/1/20266/1/20267/1/20268/1/20269/1/202610/1/202611/1/202612/1/20261/1/20272/1/20273/1/20274/1/20275/1/20276/1/20277/1/20278/1/20279/1/202710/1/202711/1/202712/1/20271/1/20282/1/20283/1/20284/1/20285/1/20286/1/20287/1/20288/1/20289/1/202810/1/202811/1/202812/1/20281/1/20292/1/20293/1/20294/1/20295/1/20296/1/20297/1/20298/1/20299/1/202910/1/202911/1/202912/1/20291/1/20302/1/20303/1/20304/1/20305/1/20306/1/20307/1/20308/1/20309/1/203010/1/203011/1/203012/1/20301/1/20312/1/20313/1/20314/1/20315/1/20316/1/20317/1/20318/1/20319/1/203110/1/203111/1/203112/1/20311/1/20322/1/20323/1/20324/1/20325/1/20326/1/20327/1/20328/1/20329/1/203210/1/203211/1/203212/1/20321/1/20332/1/20333/1/20334/1/20335/1/20336/1/20337/1/20338/1/20339/1/203310/1/203311/1/203312/1/20331/1/20342/1/20343/1/20344/1/20345/1/20346/1/20347/1/20348/1/20349/1/203410/1/203411/1/203412/1/20341/1/20352/1/20353/1/20354/1/20355/1/20356/1/20357/1/20358/1/20359/1/203510/1/203511/1/203512/1/20351/1/20362/1/20363/1/20364/1/20365/1/20366/1/20367/1/20368/1/20369/1/203610/1/203611/1/2036LAW 102LOAN AMORTIZATION SCHEDULEFALL 2021PAYMENT DATE MONTHLY PAYMENT MONTHLY INTEREST MONTHLY PRINCIPAL BALANCE3.50% REDUCTION480,000.001/1/2022 $3,431.44 1,400.00 2,031.44 477,968.562/1/20223/1/20224/1/20225/1/20226/1/20227/1/20228/1/20229/1/202210/1/202211/1/202212/1/20221/1/20232/1/20233/1/20234/1/20235/1/20236/1/20237/1/20238/1/20239/1/202310/1/202311/1/202312/1/20231/1/20242/1/20243/1/20244/1/20245/1/20246/1/20247/1/20248/1/20249/1/202410/1/202411/1/202412/1/20241/1/20252/1/20253/1/20254/1/20255/1/20256/1/20257/1/20258/1/20259/1/202510/1/202511/1/202512/1/20251/1/20262/1/20263/1/20264/1/20265/1/20266/1/20267/1/20268/1/20269/1/202610/1/202611/1/202612/1/20261/1/20272/1/20273/1/20274/1/20275/1/20276/1/20277/1/20278/1/20279/1/202710/1/202711/1/202712/1/20271/1/20282/1/20283/1/20284/1/20285/1/20286/1/20287/1/20288/1/20289/1/202810/1/202811/1/202812/1/20281/1/20292/1/20293/1/20294/1/20295/1/20296/1/20297/1/20298/1/20299/1/202910/1/202911/1/202912/1/20291/1/20302/1/20303/1/20304/1/20305/1/20306/1/20307/1/20308/1/20309/1/203010/1/203011/1/203012/1/20301/1/20312/1/20313/1/20314/1/20315/1/20316/1/20317/1/20318/1/20319/1/203110/1/203111/1/203112/1/20311/1/20322/1/20323/1/20324/1/20325/1/20326/1/20327/1/20328/1/20329/1/203210/1/203211/1/203212/1/20321/1/20332/1/20333/1/20334/1/20335/1/20336/1/20337/1/20338/1/20339/1/203310/1/203311/1/203312/1/20331/1/20342/1/20343/1/20344/1/20345/1/20346/1/20347/1/20348/1/20349/1/203410/1/203411/1/203412/1/20341/1/20352/1/20353/1/20354/1/20355/1/20356/1/20357/1/20358/1/20359/1/203510/1/203511/1/203512/1/20351/1/20362/1/20363/1/20364/1/20365/1/20366/1/20367/1/20368/1/20369/1/203610/1/203611/1/203612/1/203612/1/2036LAW 102  -   FINAL EXAMINATIONFALL 2021 – CRN 30582PROFESSOR FRIMMERThis examination will consist of two parts.   In Part 1, you willcomplete an Excel spreadsheet using the information provided.  InPart 2, you will perform legal research and prepare a Powerpointpresentation to present your conclusions to the Court.   Fullinstructions are contained in each Part below.    Part 1 is worth 30point and Part 2 is worth 70 points, for a total of 100 points.PART 1  -    EXCEL SPREADSHEET – 30 POINTS – ESTIMATED TIME 1HOURFacts:John and Mary Smith have decided to purchase their first hometogether 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 paymentson the mortgage that they will have to take out to complete the homepurchase, and would like to have an amortization schedule to see howeach monthly payment would be applied to interest (deductible fortax purposes) and to principal reduction over the entire repaymentperiod 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 termson 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=1248281ZOOMNAME:   LAW 102LOAN AMORTIZATION SCHEDULEFALL 2021PAYMENT DATE MONTHLY PAYMENT MONTHLY INTEREST MONTHLY PRINCIPAL BALANCE3.50% REDUCTION480,000.001/1/2022 $3,431.44 1,400.00 2,031.44 477,968.562/1/20223/1/20224/1/20225/1/20226/1/20227/1/20228/1/20229/1/202210/1/202211/1/202212/1/20221/1/20232/1/20233/1/20234/1/20235/1/20236/1/20237/1/20238/1/20239/1/202310/1/202311/1/202312/1/20231/1/20242/1/20243/1/20244/1/20245/1/20246/1/20247/1/20248/1/20249/1/202410/1/202411/1/202412/1/20241/1/20252/1/20253/1/20254/1/20255/1/20256/1/20257/1/20258/1/20259/1/202510/1/202511/1/202512/1/20251/1/20262/1/20263/1/20264/1/20265/1/20266/1/20267/1/20268/1/20269/1/202610/1/202611/1/202612/1/20261/1/20272/1/20273/1/20274/1/20275/1/20276/1/20277/1/20278/1/20279/1/202710/1/202711/1/202712/1/20271/1/20282/1/20283/1/20284/1/20285/1/20286/1/20287/1/20288/1/20289/1/202810/1/202811/1/202812/1/20281/1/20292/1/20293/1/20294/1/20295/1/20296/1/20297/1/20298/1/20299/1/202910/1/202911/1/202912/1/20291/1/20302/1/20303/1/20304/1/20305/1/20306/1/20307/1/20308/1/20309/1/203010/1/203011/1/203012/1/20301/1/20312/1/20313/1/20314/1/20315/1/20316/1/20317/1/20318/1/20319/1/203110/1/203111/1/203112/1/20311/1/20322/1/20323/1/20324/1/20325/1/20326/1/20327/1/20328/1/20329/1/203210/1/203211/1/203212/1/20321/1/20332/1/20333/1/20334/1/20335/1/20336/1/20337/1/20338/1/20339/1/203310/1/203311/1/203312/1/20331/1/20342/1/20343/1/20344/1/20345/1/20346/1/20347/1/20348/1/20349/1/203410/1/203411/1/203412/1/20341/1/20352/1/20353/1/20354/1/20355/1/20356/1/20357/1/20358/1/20359/1/203510/1/203511/1/203512/1/20351/1/20362/1/20363/1/20364/1/20365/1/20366/1/20367/1/20368/1/20369/1/203610/1/203611/1/203612/1/2036LAW 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 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 eachmonth, starting January 1, 2022; and (3) the mortgage will completelyamortize over a 15-year period, starting January 1, 2022, or for 180months.John and Mary are using Attorney Janice Jones to assist in closing thepurchase of the home and to apply for the mortgage.   They askAttorney Jones to prepare the calculations for them.You are Attorney Jones’ paralegal.   Attorney Jones asks you toprepare an Excel spreadsheet showing the calculations that theSmiths have requested.Using the pre-formatted Excel Spreadsheet provided, fill in thecolumns 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 by12 in the formula to get the monthly equivalent.B.  You will need to compute the monthly payment using theformula built into Excel for Payment.   That formula is called=pmt.C. The formulas for the first line of the spreadsheet are provided toget you started.D. Your task is to finish the amortization schedule by showing theresults 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 ANDUPLOAD IT.

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...

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