Question: Create an amortization schedule in an Excel spreadsheet for a fixed-rate, fully amortizing mortgage loan using the information below: Cost of house: $475,000 Down payment:
Create an amortization schedule in an Excel spreadsheet for a fixed-rate, fully amortizing mortgage loan using the information below:
Cost of house: $475,000
Down payment: 20%
Mortgage term: 30 years
Nominal annual interest rate: 5.55%
Type of mortgage: Fixed rate, conventional Payments: Monthly
Discount points: 3
Ensure that there are columns for the month/payment number (i.e., 1, 2, 3....), beginning loan balance, payment amount, monthly interest amount, monthly principal amount, and ending loan principal balance for each month. In other words, there should be a separate line entry for each month over the life of the loan with all the requested information. Use the Excel TVM functions or mathematical formulas for all monthly cell entries, except for the month numbers.
Please show an example of what the excel document should look like with the answers. Thank you.
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