Question $10$

Generate the first five lines $($first five monthly payments$)$ of an amortization table for the following home loan: mortgage amount $$225,000$;$30-$year fixed rate; $6\mathrm{.}5\%$ nominal rate. Your table should include at a minimum:

Beginning balance, total monthly payment, amount applied to principal, amount applied to interest, and ending balance.

Additionally, answer the following questions:

If the mortgage is held to maturity and all monthly payments are made, how much total interest will be paid?

If the borrower was also quoted a $15-$year mortgage with a nominal rate of $7\mathrm{.}50\%$ and is only interested in the less expensive option, which loan option should be chosen a