You are planning on buying a new house, and want to make sure you can afford the

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Question:

You are planning on buying a new house, and want to make sure you can afford the monthly payments. The house you picked will necessitate you borrow $300,000. You think you can get the following mortgage terms:

Borrow $300,000 at a fixed quoted (nominal) annual rate of 3.775%; to be paid off in equal monthly payments over 15 years.

Compute the required monthly payment, and prepare an amortization table, showing for each month the beginning balance, payment, payment applied to interest, payment applied to principal, and ending balance. (assume monthly compounding)