$2$ PROBLEM $(5-6)$

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$1$

$(5)$ Assume a $30-$year mortgage loan for $$250,000$ for $30$ years at an annual rate of $6\%.$ What would be your fixed annual and monthly payments? Enter the inputs into the appropriate cells in column B and set this up so that your answers are displayed as positive values. Round all values to two places after the decimal point.

$(6)$ For the loan in #$5,$ prepare the first two monthly payment rows of the amortization table.

LOAN AMOUNT

TERM OF LOAN N YEARS

ANNUAL INTEREST RATE

TERM OF LOAN IN MONTHS

MONTHLY INTEREST RATE

FIXED LOAN PAYMENT $($ANNUAL$)$

FIXED LOAN PAYMENT $($MONTHLY$)$

AMORTIZATION TABLE

PAYMENT

BEGINNING BALANCE FIXED PAYMENT

INTEREST

PRINCIPAL

SHOW FORMULAS FOR THE

BOXES AS WELL AS THE answers!!!!