Please address the following scenarios on different pages of your Excel worksheet:

Jack and Jill would like to purchase a house priced at $300,000 with a 30-year mortgage. The bank requires they put a 20% downpayment on the mortgage. The rest of the amount will be provided to J&J by the bank as a loan with 4.25% interest compunded monthly. The initial plan of J&J is to pay off the mortgage on the house in 12x30 = 360 months with equal monthly payments.

1. Calculate the equal end-of-month payments.
2. What is the remaining balance on the loan after 5 years of payments?
3. What is the total amount of the payments that went towards paying the interest portion of the mortgage.
4. J&J decided to make $200 additional payments each month in order to payoff the loan earlier. How long does it take them to payoff the loan now?
5. J&J would like to payoff the loan in 15 years instead of 30 years. How much additional payments should they make each month?