Begin by filling down the values 1 to 360 in your Month column. You purchase a home for $115000 but you pay $23000 down in cash and finance the balance for 30 years at 6.5% compounded monthly . Your monthly payments are $581.51. Set up the spreadsheet to display the outstanding balance for each month for 30 years. As a checkpoint, you should get $91147.66 just after your 10th payment. Hint: When doing your interest column, remember to use the format =P*R*T, with time being (1/12) since it is monthly.

How much is still owed on the loan just after 110 payments. $

Just after the 110 payment, how much has been paid in interest?

What is the owner's equity just after the 110 payment? $ Find the size of the last payment. $

How much interest in total did you spend on the house? $

For the 30 year option, at which payment does more of the payment go to principal than to interest?

Now save the first part of your spreadsheet by going to File then Save.

(b)If you decided to get a 15 year loan instead of a 30 year loan the payments will be $801.42. Your interest rate is still 6.5% compounded monthly. Set up your spreadsheet to display the outstanding balance for each month for 15 years (If you still have the first part of the problem up, you will need to change both your Payments value and delete months 181-360). As a checkpoint, you should get $88894.18 after your tenth payment.

How much is still owed on the loan just after 60 payments. $

Find the size of the last payment. $

How much interest in total did you spend on the house? $

For the 15 year option, at which payment does more of the payment go to principal then to interest?

Determine the total amount of interest saved on the loan by getting a 15 year loan instead of a 30 year loan.

$ PLEASE USE AN EXCEL OR GOOGLE SHEET FOR THIS AND GIVE EXACT ANSWERS !!!