Question: Section 2: Loan Amortization (Submit in Excel) 1. Construct an amortization schedule for the $300,000 loan with a 2.2% interest rate compounded monthly. The loan

Section 2: Loan Amortization (Submit in Excel)

1. Construct an amortization schedule for the $300,000 loan with a 2.2% interest rate compounded monthly. The loan will be paid back in 15 years making monthly payments.

You need to calculate the principal payment and interest payment respectively of each month.

Hint: Please refer to the excel file of "Loan Amortization "posted in Unit 4 "Lecture".Specifically, you need to modify the model from "yearly" payment to "monthly" mortgage payment.15 years *12 = 180 months.You should demonstrate 180 principal payments and interest payments for each month.

2. Construct an amortization schedule for the $300,000 loan with a 2.7% interest rate compounded

monthly. The loan will be paid back in 30 years making monthly payments.

You need to calculate the principal payment and interest payment respectively of each month.

Hint: Please refer the excel file of "Loan Amortization "posted in Unit 4 "Lecture".Specifically,you need to modify the model from "yearly" payment to "monthly" mortgage payment.

30 years *12 = 360 months.You should demonstrate 360 principal payments and interest payments for each month.

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