Many of you will eventually purchase a house. Few will have the total cash on hand, so it will be necessary to borrow money from a home loan agency. Often you can borrow the money at a fixed annual interest for, say, 15 or 30 years. Monthly payments are made to the lending agency. Write a computer program or use a spreadsheet to prepare mortgage tables similar to the one described in Problem 8.38 for the following situations:
(a) $150 000 at 5 percent interest for 15 years
(b) $150 000 at 5 percent interest for 30 years
(c) $250 000 at 4.5 percent interest for 15 years
(d) $250 000 at 4.5 percent interest for 30 years
(e) Other cases as may be assigned
(f) Critically examine the monthly payments and the cumulative interest amount produced by changing from a 30-year loan to a 15-year loan, all other parameters being constant.
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