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1. (13 points) You take out a 20-year loan in the amount of $450,000 at a 4 percent annual rate. The loan is to be

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1. (13 points) You take out a 20-year loan in the amount of $450,000 at a 4 percent annual rate. The loan is to be paid off by equal monthly installments over 20 years. Draw an amortization table showing the beginning balance, total payment, principal repayment, interest payment and ending balance for each month. How much is the total interest payment for the six months? (show only six months on the table)

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