Prepare an amortization spreadsheet in Excel. The sheet should be labeled, and I should be able to change purchase price, interest rate, or the other relevant factors and the spreadsheet should automatically update. As we discussed in class, spend some time labeling the spreadsheet and using proper cell references. This is the first but not the last spreadsheet of this type, it is highly likely that elements of this spreadsheet will be helpful in subsequent assignments, so time spent here may mean less time in the future.

For an initial calculation, assume you are purchasing a $400,000 home with 5% down at an interest rate of 4%, financed over 30 years using a traditional mortgage.