Mortgage Calculation and Spreadsheet
Suppose you want to borrow a loan of $400,00 to buy a house. 1. Find your monthly payment. Then calculate how much you will pay total in 30 years with the rate 3.5% annually. 2. Suppose that you can an additional amount of $50/month. Find the number of payments to pay off your mortgage. Calculate how much you will pay total in this plan. 3. Compare the answer in #1 and #2. Which plan is better? How much time/money do you save? Check this link for other projects on money.