1. Calculate the monthly payment for a 15-year and a 6-year mortgage loan. 2. Calculate the amount of interest that you'd pay for a 15-year mortgage loan and a 6-year mortgage ioan. Ask the Question: How much interest do you pay over the life of a 15-year and a 6-year mortgage? Master the Data: There is no data file for this lab. We will make the needed calculations and input the data as we go. To compute the mortgage payments, we'll need to know a few things: 1. The size of the mortgage loan 2. The interest rate 3. The length of the loan (number of months) Let's suppose you would like to buy a home for $250,000. But like most U.S. citizens, you don't have enough cash on hand to pay for the full house. But we're in luck! Signature Bank has agreed to offer you a 30-year mortgage loan, but requires that you pay 20 percent down ($50,000 = 20% of $250,000) to qualify for their mortgage loan of $200,000 in this way: $250,000 Cost of home 50,000 Required 20% down payment ($50,000 - 208 of $250, 000) (The cash you need to have available to pay when closing on the home) $200,000 Amount of the bank loan Software needed Excel Screen capture tool (Windows: Snipping Tool; Mac: Cmd+Shift+4) Perform the Analysis: Refer to Lab 1-3 Alternative in the text for instructions and Lab 1-3 steps for each of the lab parts. Share the Story: Accountants need to know how much of each monthly mortgage (or bond) payment goes toward interest. Part 1: Upload Your Files Part 2: Assessment Required: 1. What would be the monthly payment for 180 months, 6% annual interest and a $200,000 loan? $1,199.10 O $1,064.48 $3,314.58 $1,687.71 2. What would be the monthly payment for 72 months, 6% annual interest and a $200,000 loan? O $1,199.10 O $1,064.48 O $3,314.58 $1,687.71 3. For the 180-month mortgage, what is the amount that goes toward paying down principal in monthly payment number 20? $931.64 $759.04 O $752.31 $756.07 4. For the 72-month mortgage, what is the amount of interest expense in monthly payment number 3? O $976.80 O $965.11 O $2,337.78 O $993.11 5. What is the total amount of interest paid over the life of the 180-month mortgage? $38,649.59 $303,788.46 $238,649.59 O $103,788.46