Question: Using excel, build a monthly amortization table for a 30-year mortgage on a $350,000 home, no money down. Use 7% as the yearly interest on

Using excel, build a monthly amortization table for a 30-year mortgage on a $350,000 home, no money down. Use 7% as the yearly interest on the loan.

Also,Using the amortization table you built for Question above, answer the following questions.

  • How much money will you still owe on the loan after making one full year of payments?
  • How much money will you still owe on the loan after making 10 full years of payments?
  • If you want to refinance after 15 years of making payments, how much financing would you need to secure from your bank to do so?
  • How much money can you expect to pay in interests alone during the 30 year life of the mortgage?

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