Question: Please use spreadsheet software, like Google Sheets or Excel, to create the amortization table for a 15-year mortgage for $220,000 at 8.4% interest. Individual taxpayers

Please use spreadsheet software, like Google Sheets or Excel, to create the amortization table for a 15-year mortgage for $220,000 at 8.4% interest.

Individual taxpayers may be able to deduct the amount of interest that they paid on a mortgage for a primary residence DURING A CALENDAR YEAR from their income taxes for that year. If the mortgage was issued on July 1.

1. How much interest will be earned in the first year?

2. How much interest will be earned in the second year?

3. Create the graph of the Outstanding Principal Balance (should be declining)

4. Create the graph of the Structure of the Monthly Payments

a. The interest portion should be declining

b. The repayment of principal portion should be increasing

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