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Buying a House
You wish to buy a $500,000 house, using a 20-year mortgage and putting 20% as a cash down payment. The current interest rate is 4.25% compounded monthly. Set up a loan
table. What is your monthly payment? For each month, what portion of that payment goes to principal and what goes to paying interest? Create a mortgage ammortization
table to show your solution.
Pay attention to formatting and do not hardcode numbers into your formulas.