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Required: 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

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Required: 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 loan. 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 luckl 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 20v down payment (550,000=201 of 5250,000) (The cash you need to have available to pay when cloing on the home) 5200,000 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. Upload the Word or PDF document containing your Lab screenshots using the button below (Note: To prevent uploading issues avoid 1. Take a screenshot of the top 20 lines of your 180 -month amortization schedule and label it "Lab 1-3 Ait Submission 1". 2. Take a screenshot of the top 20 lines of your 72 -month amortization schedule and label it "Lab 1-3 Alt Submission 2

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