Question: Answer using excel: please show how you use excel formulas like each step of the way! 1. Suppose you have taken out a $200,000 fully-amortizing

Answer using excel: please show how you use excel formulas like each step of the way!

1. Suppose you have taken out a $200,000 fully-amortizing fixed rate mortgage loan that has a term of 15 years and an interest rate of 4.25%. In month 2 of the mortgage, how much of the monthly mortgage payment does the principal repayment portion consist of?

A. $705.51 B. $708.33 C. $796.22 D. $799.04

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