6.

1. Excel: Complete the amortization table provided in the Excel document posted in Blackboard by setting the appropriate values for a $100,000, 30-year mortgage at 6% interest and using Excels autofill (drag) feature to fill in the cells to the end of the mortgage period. Use this to answer the following:

a. How much of the first payment goes towards the Principle? Interest?

b. How much of the last payment goes towards the Principle? Interest?

c. Find the total interest paid by the end of the mortgage.

d. How much will be owed on the mortgage after making payments for 10 years (hint this is 120 months)?

e. How much is being paid in interest and principle at 10 years?

f. How much interest has been paid on the mortgage at the end of 10 years?

g. How many months will it take to pay at least half of the principle?