Final answer:
To summarize, a loan summary table includes the principle, interest rate, timeframe, and monthly payment formula for each loan. The formula used to calculate the monthly payment is PV = R / (1-(1+i)^-n).
Step-by-step explanation:
Loan Summary Table:
LoanPrincipleInterest RateTimeframeMonthly Payment FormulaLoan 1$300,0006%30 years$PV = \frac{R}{1-(1+i)^{-n}}$Loan 2$300,0006%30 years$PV = \frac{R}{1-(1+i)^{-n}}$
The formula used to calculate the monthly payment for each loan is $PV = \frac{R}{1-(1+i)^{-n}}$, where PV represents the present value or principle of the loan, R is the monthly payment, i is the interest rate divided by the number of periods per year, and n is the total number of periods.