Use excel to find. You want to purchase a house and are reviewing variations in how to structure the mortgage.

One of your considerations is how much interest you pay. You need to calculate the total

interest paid for the following scenarios:

$25$ year mortgage at $5\%$ interest with monthly payments $($base case$)$

$25$ year mortgage at $6\%$ interest with monthly payments

$20$ year mortgage at $5\%$ interest with monthly payments

$25$ year mortgage at $5\%$ interest with monthly payments and a $5\%$ down payment

$25$ year mortgage at $5\%$ interest with monthly payments and a $20\%$ down payment

$25$ year mortgage at $5\%$ interest with payments twice per month

Structure your answer in a way that is easy to understand. The top header row $($row $1)$ should

describe the cases. The left column $($column A$)$ should describe the data that appears in the cell

such as interest rate. The bottom row should contain the total interest paid for each case.

The layout of your table should be something like below. The marking is flexible, you might have

more rows because you need to decide what rows to have for showing the calculations.

You estimate that your house will cost $$450,000.$

This should be entered Sheet$2.$

Note: The key function to use for this case is PMT$().$ However, PMT$()$ does not calculate the

interest.

Note: A downpayment is cash that you have so that you don't need to include that amount in

the loan. For example, to purchase an $$80,000$ car with a $$10,0000$ downpayment, you need to

take out a $$70,000$ loan.