Using an initial principal of 80% of the purchase price, Asking price of $262,000; a...
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Using an initial principal of 80% of the purchase price, Asking price of $262,000; a 180-month term (15 years), and the interest rate you found for a 15-year loan, create an amortization table for the loan. Label your columns Month, Interest Payment, and Principal Payment. Again, you must use a spreadsheet. Put this table into the second tab of your spreadsheet and label the tab 15-year.
How much total interest would you pay for the loan?
To the nearest whole percent, what percent of your payments would go to interest?
How much less interest would you pay than you would have for the 30-year loan?
Does anything surprise you about the last two answers? Explain why or why not.
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