Use Excel to develop an amortization table for a loan of $10,000 to be paid back in 60 equal monthly payments with an interest rate of 6% compounded monthly. The first payment will occur at EOM1. Use the following column headings for your spreadsheet:

A	B	C	D	E	F
EOM (Payment #)	Principal Owed (BOM)	Payment	Interest in Pmt	Principal in Pmt	Principal Owed (EOM)
0	-----	-----	-----	-----	10,000
1	10,000

Your spreadsheet should be set up to be easily generalized. In other words, you should be able to change the interest rate of the loan, the amount borrowed and the payment by changing one cell for each.