You are purchasing a house for $500,000 and have 20% as down payment. You are considering two financing offers. Bank A is offering a 30-year fixed loan at an APR of 3.25%. Bank B is offering a 15-year fixed loan at an APR of 2.625%. Use two (2) decimal places for dollar amounts in your answers. Answer the following: a) Using the Excel template provided, prepare the amortization schedule for both the 30 and 15-year loans. b) How much total interest did you pay in the first year of the 30-year and 15-year loans? c) How much of your principal balances were reduced in the first year for both loans?

How much total interest did you pay in the 15th year of the loan (just the 15th year not years 1-15) for both loans? e) How much of your principal balance was reduced in the 15th year (just the 15th year, not years 1-15) for both loans? f) How much total interest did you pay for both loans? g) How much did you pay for the home in total under both loans over their respective lives?

I need the question to be solved using excel and the formula are shown. thank you

File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments v AutoSum Calibri v 11 ~ A A == a Wrap Text Accounting AY O MIT X Cut LG Copy Format Painter Fill Paste Insert Delete Format U V + Merge & Center $ % ) Clear Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select V Analyze Data Clipboard Font Alignment Number Cells Editing Analysis D22 X fx B C D E F G . 1 J K L M N o P Q R S A 1 Sale Price 2 Down Payment 3 Finance 4 Interest 5 Payment 1 6 Payment 2 7 30-year 15-year n BB Interest Payment EB n BB Interest Payment EB 8 9 b) 10 c) 11 d) 12 e) 13 f) 14 g) 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29