Question: Using a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 at an annual interest rate of 4.24%. (a) In which month

Using a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 at an annual interest rate of 4.24%.

(a)

In which month does the amount of principal in a monthly payment first exceed the amount of interest?

(b)

How much interest is repaid for the term of the loan? (Round your answer to the nearest cent.)

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