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Student Work Area Required: Provide input into cells shaded in yellow in this template. Use the PMT function to calculate the payment and mathematical formulas with cell references to the Problem area and work area as indicated. BE10.9 Using Excel to Calculate Mortgage Payment, Amortization Schedule, and Entries PROBLEM Eyre Inc. signed a mortgage payable on November 30, 2020, with a bank to obtain financing for a new building Installment payments are to be made at the end of each month. Information for the mortgage follows. 0 Mortgage loan amount $ 300,000 2 Mortgage term in years 10 13 Interest rate a Uso Excel's PMT function to calculate the amount of each installment Mortgage payment calculation b. Prepare a partial amortization table through January 31, 2021. Monthly Interest Cash Interest Reduction of Principal Payment Payment Expense Principal Balance Nov. 30, 2020 $ 300,000 Dec 31, 2020 6,000 Jan 31, 2020 c. Prepare the entries to record the mortgage on November 30, 2020, and the first two payments on December 31, 2020 and January 31, 2021. 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Debit 2020 Nov. 30 Credit Dec 31 2021 Jan. 31