1.If you purchase a house for $375,000 and place a 20% down payment on the house, how much will your monthly mortgage payment be if you have a 30 year mortgage at a 4.25% interest rate?
2.Same scenario as above, but you can afford to put an extra $200 a month in your payment to pay down the principal. How many years will it take to pay off the mortgage? (hint you need to change the PRINCIPAL amount in the cell (+250) at the end of the formula and copy it down.)
3.How much interest would you pay over the life of the loan from #2? .