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USE EXCEL John opened a bar and plans to ask $200,000 loan for decorating and buying new facilities. Bank suggests two options for financing the

USE EXCEL

John opened a bar and plans to ask $200,000 loan for decorating and buying new facilities. Bank suggests two options for financing the loan: a 20-year mortgage at 6% APR and a 30-year mortgage at 8% APR. Assume monthly compounding. Round the answers to the nearest integer.

What is the difference in monthly payments (for the first 20 years) between these two options? $
For Option 1, after 15 years, the remaining balance is $

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