Question: Construct a loan amortization table for a 20-year fixed rate mortgage with annual interest rate of 3.6%. The amount borrowed is $500,000 . In addition,

Construct a loan amortization table for a 20-year fixed rate mortgage with annual interest rate of 3.6%. The amount borrowed is $500,000. In addition, compute the AL (average life) of the loan. Assume there is no prepayment throughout the life of the loan.

Please use EXCEL to complete question. The loan amortization table should show the monthly mortgage payment, monthly interest payment and principal repayment, and monthly beginning/ending loan balance.

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