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Scheduled number of payments and total interest paid

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You plan to buy a house, and will have to take out a $250,000 mortgage. The terms of the mortgage are a fixed rate at 4.25%, and it will be a 30-year loan. How much will your principal and interest (P&I) be each month? Assume first-month payment on June 2020. Generate an excel table with beginning balance, scheduled payment, principal, interest, ending balance, cumulative interest paid.

Make a second table and call it, loan summary table with Scheduled payment, Scheduled number of payments and total interest paid.

Please show all work and steps. Any help will be appreciated and thank you for your time!

Reference no: EM132505480

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