Please review the amortization table provided in the course resources and the screenshot below. To be clear, you are not using Excel to construct a new amortization schedule. You should use the screenshot below along with the already constructed amortization table in the course resources for this week. Please answer the following questions: What is the dollar amount, interest rate and term of the contemplated loan? How much interest is paid over the life of the loan? How much in total will be paid over the life of the loan? On the amortization table, the monthly payment is the same. When you analyze the April 2022 payment (principal and interest components), and compare to March 2032, what do you observe? What is different and why? If the loan was paid in full in March 2027 (after the March 2027 scheduled payment is made), what would the total interest paid be and how much savings would occur by paying off before the maturity date?

Mortgage amount $1,000,000

Mortgage term in years 10

Term in months 120

Interest rate per year 4.5%

Monthly payments $10,363.84

Total Principal paid $1,000,000

Total interest paid $243,660.91