Mortgage. You take out a $290,000 mortgage on 1/1/2022. Assume the mortgage is a 15-year mortgage with

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Question:

Mortgage. You take out a $290,000 mortgage on 1/1/2022. Assume the mortgage is a 15-year mortgage with an annual rate of 4.3%
a. Determine the monthly payment.
b. Make an amortization table for the mortgage
c. If this is a 30-year mortgage, what would the monthly payment be? Which is a better option, the
15-year or 30-year option?

DIRECTIONS: This is a mortgage of 15*12 or 180 periods. You need to report all 180 periods in the amortization table
 Use the =pmt function to get the payment. The interest rate needs to be divided by 12
 The last row in the last column will be exactly zero
 For the 30-year mortgage, you do not need another amortization table:
o For the payment on the 30-year mortgage, there are 360 periods to use in the PMT function.
o For which is better, you do not have to report the 360-period table; you should compare the monthly
payments, then compare the total payments over the life of each mortgage:
(monthly payment * 180) vs. (monthly payment * 360)
d. No journal entries are required

Please help me calculate this problem