Using your mortgage schedule spreadsheet, enter the following data: Cost of Home: $225,000 Down Payment: $15,000...

Using your mortgage schedule spreadsheet, enter the following data: Cost of Home: $225,000 Down Payment: $15,000 Annual Interest Rate: 6.960% Number of Years: 25 In addition, enter $400 as an additional principal payment for month 36 and $100 as an additional principal payment for month 75. Copy the monthly closing balance from month 52 into this question's response box AFTER you ensure that it is formatted using accounting formatting and 2 decimal places.

Expert Solution

Number of period (nper)=25*12=300, Loan Amount=225000-15000=210000, rate=6.96%/12= 0.58%

Below is the amortization schedule with the extra payment:

Loan will be repaid in 299 month instead of 300 month.

jeff jeffy answered 3 months ago

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