Question: Please show work Supplemental Problem 7-3 Mortgage Amortization Jack Jones purchases a home. With appraisal, survey, title search, and inspection fees, plus closing costs and
Supplemental Problem 7-3 Mortgage Amortization Jack Jones purchases a home. With appraisal, survey, title search, and inspection fees, plus closing costs and a 20% down payment, Mr Jones finances $100,000 at 12% APR for 30 years. Required: 1. Complete the mortgage amortization table below for the years 8- 15. 2. Optional: Develop an Excel spreadsheet to calculate the entire mortgage schedule 3. Kudos if you can develop a generic spreadsheet that will accept a loan amount, life, and interest rate, then calculate the payment and create the schedule. Or alternatively, simply create the schedule given all the parameters including the payment yment Payment Applied to Applied to Loan nterest PrincipalBalance $100,000.00 1 S1,028.61 $1000.00$28.6199,971.39 21,028.61 99.71 999.42 1,028.61 999.13 998.84 1,02861 998 54 7 1,028.61998.24 28.90 99,942.49 29.1999,913.31 29.48 99,883.83 29.7799,854.06 30.0799,823.99 30.3799,793.62 1,028.61 1,028.61 8 1,028.61 9 1,028.61 10 1,028.61 11 1,028.61 12 1,028.61 13 1,028.61 14 1,028.61 1,028.61 15
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