Please exlpane these step by step. Preferable please use a calculator. Thank you!

The following exercise is designed to be solved using technology such as calculators or computer spreadsheets. Interest paid on a home mortgage is normally tax deductible. That is, you can subtract the total mortgage interest paid over the year in determining your taxable income. This is one advantage of buying a home. Suppose you take out a 30-year home mortgage for $250,000 at an APR of 8% compounded monthly. The mortgage payments details for the first year are given below.

Month	Initial balance	+Interest	Payment	Final balance	Equity
1	$250,000.00	1,666.67	$1,834.41	$249,832.26	$167.74
2	$249,832.26	1,665.55	$1,834.41	$249,663.40	$336.60
3	$249,663.40	1,664.42	$1,834.41	$249,493.41	$506.59
4	$249,493.41	1,663.29	$1,834.41	$249,322.28	$677.72
5	$249,322.28	1,662.15	$1,834.41	$249,150.02	$849.98
6	$249,150.02	1,661.00	$1,834.41	$248,976.61	$1,023.39
7	$248,976.61	1,659.84	$1,834.41	$248,802.04	$1,197.96
8	$248,802.04	1,658.68	$1,834.41	$248,626.31	$1,373.69
9	$248,626.31	1,657.51	$1,834.41	$248,449.41	$1,550.59
10	$248,449.41	1,656.33	$1,834.41	$248,271.33	$1,728.67
11	$248,271.33	1,655.14	$1,834.41	$248,092.05	$1,907.95
12	$248,092.05	1,653.95	$1,834.41	$247,911.59	$2,088.41

Does this make the $250,000 home seem a bit less expensive? 14070%. What is your actual tax savings due to mortgage payments? (Round your answer to the nearest cent.)