Use the amortization spreadsheet on flre wefagain, this time entering the interest rate and number of payments

for a 15 yer toan.

Amortization Schedule mon&ly payment for a 15 yearmortgag Q (Note: if this is more thm 2 or 3 csts different from your calculation, check your numbcrs!)
Total interestpaid over 15 y

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robr monnt

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Number of first payment wbcn more of paymcnt goes towad principal than

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Suppose you paid u additional $I00 towards the principal ach month. How long would it take to pay offthe loan with this addilional payment urd how will this affect the total mount of interest paid on the loan? [If .vou are making extrapaymmts towards the principal, include it in
the monthly paymmt and lenre the number of payrnenb box to pay

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offloro with additioml paymenb of $100 per uonthj3$efiI9-&j$

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Total interest paid ovs the life of the loau with additional $100 monthly Total mnount paid with additional $100 mcnthly pryment

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Compae this total arnormt paid to tlre total arncunt paid wiftout extra monthly payrnenb. How much more or less would you spd if you made thi exta principal :

payments?

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Part

Reflection
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Did this project chmge the way you think about buying ahome? Write one pragrryh stating what ideas chmged md why. If this project did not change the way you ftink, wdte how this projat gave firther evidence to zupport your existr*g opinion about buying a home. Be specific.

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