3 9 ) 2 3 5 3 ) 2 B 1 D 7 Function: PMT, SUM; Formula: Subtract, Multiply, Divide, Cell Referencing BE10.9 Using Excel to Calculate Mortgage Payment, Amortization Schedule, and Entries PROBLEM Eyre Inc. signed a mortgage payable on November 30, 2020, with a bank to obtain financing for a new building. Installment payments are to be made at the end of each month. Information for the mortgage follows. Mortgage loan amount Mortgage term in years Interest rate $ 300,000 10 4% Student Work Area Required: Provide input into cells shaded in yellow in this template. Use the PMT function to calculate the payment and mathematical formulas with cell references to the Problem area and work area as indicated. a. Use Excel's PMT function to calculate the amount of each installment payment. Mortgage payment calculation b. Prepare a partial amortization table through January 31, 2021. Enter Answer Monthly Interest Cash Payment Payment Interest Expense Reduction of Principal Principal Balance Nov. 30, 2020 Dec. 31, 2020 Jan. 31, 2020 c. Prepare the entries to record the mortgage on November 30, 2020, and the first two payments on December 31, 2020, and January 31, 2021. 2020 Nov. 30 Dec. 31 2021 Jan. 31 Debit Credit