Question: 7. In an Excel spreadsheet, create a home loan amortization table. Assume the total loan amount is $175,000, the annual interest rate is 4.25 percent,

7. In an Excel spreadsheet, create a home loan amortization table. Assume the total loan amount is $175,000, the annual interest rate is 4.25 percent, the loan is paid back over 30 years, and payments are monthly. Note: You do not need to print off your Excel Spreadsheet. a) What is the total interest paid over the life of this loan? 3 points Now assume you decide to pay back the loan more quickly. So, the total loan amount is $175,000, the annual interest rate is 4.25 percent, the loan is paid back over 20 years, and payments are monthly. b) What is the total interest paid over the life of this loan? 3 points c) Between a) and b), which one has a lower total interest paid? Why? 5 points

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