Question: 8) Using excel, build a monthly amortization table for a 30-year mortgage on a $350,000 home, no money down. Use 7% as the yearly interest

8) Using excel, build a monthly amortization table for a 30-year mortgage on a $350,000 home, no money down. Use 7% as the yearly interest on the loan.

9) Using the amortization table you built for Question 8, answer the following questions.

a. How much money will you still owe on the loan after making one full year of payments?

b. How much money will you still owe on the loan after making 10 full years of payments?

c. If you want to refinance after 15 years of making payments, how much financing would you need to secure from your bank to do so?

d. How much money can you expect to pay in interests alone during the 30 year life of the mortgage?

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