Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
If you decided to get a 1 5 year loan instead of a 3 0 year loan the payments will be $ 8 0 1
If you decided to get a year loan instead of a year loan the payments will be $ Your interest rate is still compounded monthly. Set up your spreadsheet to display the outstanding balance for each month for years If you still have the first part of the problem up you will need to change both your Payments value and delete months As a checkpoint, you should get $ after your tenth payment. How much is still owed on the loan just after payments. $ Find the size of the last payment. $ How much interest in total did you spend on the house? $ For the 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 year loan instead of a year loan. $ PLEASE USE AN EXCEL SPREADSHEET OR GOOGLE TO DO THIS IF POSSIBLE
If you decided to get a year loan instead of a year loan the payments will be $ Your interest rate is still compounded monthly. Set up your spreadsheet to display the outstanding balance for each month for years If you still have the first part of the problem up you will need to change both your Payments value and delete months As a checkpoint, you should get $ after your tenth payment.
How much is still owed on the loan just after payments.
$
Find the size of the last payment.
$
How much interest in total did you spend on the house?
$
For the 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 year loan instead of a year loan.
$ PLEASE USE AN EXCEL SPREADSHEET OR GOOGLE TO DO THIS IF POSSIBLE
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started