You are looking at buying a house with a $180,000 loan amount. You have 2 options...

You are looking at buying a house with a $180,000 loan amount. You have 2 options for this loan: 1) 15 Year Loan, you can get a monthly interest rate of 0.3% monthly. A) What is your monthly payment? B) What is the total amount you would pay out of pocket over the life of the loan? C) How much interest have you paid?

2) 30 year Loan, you can get a monthly interest rate of 0.3125% monthly. A) What is your monthly payment? B) What is the total amount you would pay over the life of the loan? C) How much interest have you paid?

Please do on excel and show formula/calculations

Expert Solution

Calculation is shown below

Working is given below

jeff jeffy answered 2 years ago

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