Homework Problem You wish to buy a $250,000 home. You have an option of terms 15 years (180 months) at 4% interest or 30 years (360 months) at 5% interest. How much will your payments be a month under each? How much of each of the payments will be interest and how much will contribute to principle? (Assume you make your payments as most people do at the end of the month). Here is an example of how the title of your loan schedule should look: Payment Schedule (PMT) (IPMT) (PPMT) Outstanding Period Payment Interest Principle Balance 9 Below is a copy of how your Data Section should be set up to drive your payment schedule: Data Section Annual Rate: 2 Number of periods (or payments) per year. ? Number of Years: ? Number of Periods (nper): 2 Rate per period (rate) 2 Present Value (pv): ? Future Value (fv); ? Payment (PMT) =PMT(rate.nper.pv.fv.type): 2 1 Type (type: ? 10 13 14 15