A fully amortizing mortgage loan is made for $200,000 at 6 percent interest for 30 years. Payments are to be made monthly. (Ignore origination fee and other fees).
a. Using Excel, construct fully amortizing mortgage loan table including beginning balance, payment, interest, principal, and ending balance. (Please check your ending balance by using PV function in Excel)
b. Interest and principal payments during month 1.
c. Total Principal and total interest paid over 30 years.
d. The outstanding loan balance if the loan is repaid at the end of year 5.
e. Total monthly interest and principal payments through year 15.
f. What would be the breakdown of interest and principal be during month 50.
g. What is the interest paid over 30 years if the interest is changed to 7%?