Question: Develop an Excel spreadsheet that shows the amortization of a constant payment mortgage over the life of the loan. Your spreadsheet should allow for the

Develop an Excel spreadsheet that shows the amortization of a constant payment mortgage over the life of the loan. Your spreadsheet should allow for the following inputs: . Loan amount; . Number of years over which the loan will be amortized (your spreadsheet should be able to handle amortization lengths of up to 50 years); . Term on the loan in years (this must be less than or equal to the amortization length); . Annual nominal interest rate; . Additional payments of principal at the end of any given month; and . Date of the rst payment. For each month of the loan's term; your spreadsheet should show the following information: . Payment number; . Date the payment is due; . Total amount of the scheduled payment; . Amount of the scheduled payment attributable to interest; . Amount of the scheduled payment attributable to principal; . Total principal paid (including both scheduled and extra payments); and . Balance due at the end of the month. In addition, the top of your spreadsheet should clearly show the monthly payment on the loan, the payoff date; and any balloon payment at the end of the loan's term
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