Question: Are you able to do this problem through excel step by step: You have decided to purchase a house for $ 4 0 0 ,

Are you able to do this problem through excel step by step: You have decided to purchase a house for $400,000 and are evaluating your options for the mortgage. Assume that your down payment will be 20% of the purchase price, payments will be made monthly, and the first payment will be made one month from today.
What is the mortgage amount?
If you select the 30-year mortgage, the interest rate will be 5% annually. What is the monthly payment?
Suppose that the bank is also offering a 15-year mortgage at 4.625% annually. What is the monthly payment on this mortgage?
What is the total of all payments for each mortgage? Which one costs you the least over the life of the mortgage?

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