For this assignment, create a Microsoft Excel spreadsheet that will generate an amortization table for loans. The table should be able to model up to 360 payments (30 year mortgage). The user should be able to input the initial loan amount, the APR, and the number of monthly payments for the loan period. The columns in the table should include the month, the amount of interest, the principal payment, and the ending balance. Additional principal payments such as $100.00 per payment period should be able to be considered as an input from the user. A simplified amortization table is presented in example 6-11. This example does not include all of the items asked for in the assignment, but should help you get started.

For your submission, include the model ready to use, a replication of example 6-11 (be sure this includes the modifications mentioned above). In addition, submit a table for a 30-year $95,000 mortgage used at a nominal 9% interest rate. If the amount of principal paid was increased so that the total payment is $1,000, in which month would this mortgage be paid off? Be sure to include in a separate tab your table that addresses this question.