Excel Assignment You are going to purchase a new house valued at $250,000 by making the down payment of 20% and borrowing the rest as a 30-year fixed rate mortgage of 5.25%. Solve the problem by creating an Excel spreadsheet like the one presented in the video.
1- What will be your monthly payment to pay back the loan? What is the total interest that you will pay over the life of the loan?
2- How much total interest you would pay on this loan if you can prepay $30,000 on the first month of the second year?