Question: Please use excel and show formulas In purchasing a house that is worth $175,000, you need to obtain a mortgage. Suppose you choose a 30-year

Please use excel and show formulas

In purchasing a house that is worth $175,000, you need to obtain a mortgage.

Suppose you choose a 30-year fixed rate mortgage with an interest rate/year of 9.74%. What is the annual payment required?

How much of each years payment goes to paying interest and how much to reducing the principal balance for the first 15 years?

Please use excel and show formulas In purchasing a house that is

Inputs Present value Interest rated year Number of years 4 9 10 11 12 13 14 15 Outputs Year Beg. Principal Balance Payment Interest Component Principal Component End Principal Balance Total Interest Payment

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