Question: Construct an amortization table for a 3-year $50,000 loan with monthly payments and an annual interest rate of 7%. Verify in your table that total

Construct an amortization table for a 3-year $50,000 loan with monthly payments and an annual interest rate of 7%. Verify in your table that total interest paid = # of Payments X Payment – Original Loan Amount. Construct your model and solutions in such a way that if change the interest rate (say to 5%) it recalculates the amortization table and total interest and savings in interest from the original loan.

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