Using EXCEL: Design an amortization schedule and answer the following questions for a $600,000 25-year fixed-rate, graduated-payment mortgage loan that is fully-amortizing. The contract interest rate is 4% with monthly payments. Based on the graduated payment structure, the mortgage payment is initially reduced for the first year of the loan. The monthly mortgage payment then increases by 4% at the beginning of the 2nd, 3rd, and 4th years. The elevated mortgage payment at the beginning of the 4th year then applies to the remainder of the mortgage term.