Assignment#$1$ Loan Amortization

You are thinking of purchasing a house that costs $$461,000.$ You have $$20,000$ in cash that you can use as a down payment, but you need to borrow the rest of the purchase price. Assume there are no closing costs. The hank is offering a $20-$year mortgage that requires monthly payments and has an annual interest rate of $4\mathrm{.}75\%$ per year.

What will your monthly payments be if you sign up for this mortgage?

Present the amortization schedule $($Beginning balance, Monthly payment. Principal payment, Interest payment, Ending balance$)$ on a monthly basis using Excel.

Calculate the total amount of interest paid throughout the life of the loan $($sum up the amounts in the Interest column $-$ see example$).$

Create a graph depicting the monthly payments and the portions of interest and principal for each menthly payment throughout the life of the loan