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please tell me how to solve this problem by excel function You want to buy a $200,000 house. You will pay the seller with 20%

image text in transcribedplease tell me how to solve this problem by excel function

You want to buy a $200,000 house. You will pay the seller with 20% of your own cash and borrow the remaining 80% with a mortgage loan (the seller receives $200,000, you owe the bank 80% of the purchase price). You are considering two different mortgage loans that require monthly payments Loan 1 is a 30-year, fixed rate, fully amortizing mortgage loan with a 4.25% rate. Loan 2 is a 15-year, fixed rate, fully amortizing loan with a 4.25% rate. For each loan, complete an amortization table and find the total interest you will pay over the life of the loan (assuming the same payment each month). Summary Loan Total interest paid Loan 1 Loan 2 Inputs for Loan 1 Amortization Inputs for Loan 2 Amortization Use the appropriate formulas and Excel function to solve the problem (typed-in solutions receive 0 credit) Answers $123,357.38 $56,656.18 PV PMT FV PV PMT FV Loan 1 Amortization Table Loan 2 Amortization Table Month Beg Bal Paymet Interest Principal End Bal Month Beg Bal Payment Interest Principa End Bal

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