Question: Use Excel, construct an amortization table for the following mortgage. In the amortization table, provide all the information listed below. (Assuming interest is compounded monthly
Use Excel, construct an amortization table for the following mortgage. In the amortization table, provide all the information listed below. (Assuming interest is compounded monthly and payments are due at the end of the month). For a 30-year Fixed-rate-level-payment mortgage (FRM) of $350,000 with the annual mortgage rate of 9.25% Compute and illustrate the following in an amortization table: ? Monthly Payment of the mortgage. ? Mortgage Balance Remaining at the end of each month (Total 180 months) ? Principal Repayment for each month. ? Interest Expenses for each month, each year, and the life of the loan. Create in excel: Year, Interest arte, monthly int, rate, # of periods, loan amount, PV, FV Period (each month ascending order), monthly payment (PMT function), Interest amount (PMT function), principal, loan balance, Total interest
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