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How much interest will you pay over the life of loan

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Create an Amortization Schedule for a home that cost $259,000 with 20% down for a down-payment. I expect the amortization schedule to be completed in Excel with all work shown in Excel. Thus, I should be able to click on any cell and see your work embedded in that cell. Do not use an online amortization schedule.

Note the textbook amortization schedule is using an annual payment. Please complete a schedule for both 180 months (15 years) and 360 months (30 years).

The interest rate for the year is 2.75% according to Bankrate for the area the home is in. Remember to divide your interest by 12 to get a monthly rate.

How much interest will you pay over the life of each loan? You can determine this by summing all the payments and subtracting the amount borrowed.

Reference no: EM132623509

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