The Morgan Company plans to borrow money to purchase an office building for its headquarters. The building it has selected has a price tag of $10 million. The company will make a down payment of $2 million and take a first mortgage on the balance of $8 million. The lender agrees to provide a 25-year mortgage on the principal of $8 million at an annual interest rate of 10%, compounded monthly, with monthly payments at the end of each month. How much will Morgan pay monthly on their mortgage?

If the Morgan Company pays off its $8 million mortgage by monthly payments of $70,205.73 at the end of each month for 30 years, how much interest will the company pay for the last months of the mortgage?

Please show in excel