Question: a) Using the following information please prepare an Amortization Schedule in Excel. Down payment: $51,004.56 Loan amount: $163,215.61 PMI: NO PMI Interest Rate: 5.625% Term:

a) Using the following information please prepare an Amortization Schedule in Excel.

Down payment: $51,004.56

Loan amount: $163,215.61

PMI: NO PMI

Interest Rate: 5.625%

Term: 30 year mortgage/360 months

Monthly payment: $939.56

b) What is the sum total of the interest portions of your payments for all months in year 12?

c) What are the two different methods of calculating the principal and interest portions in excel? What are the pros and cons of each?

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