Question
-Assume you purchased a $300,000 home using a 20% downpayment and borrowing the rest from a commercial bank through a 30 year loan. The bank
-Assume you purchased a $300,000 home using a 20% downpayment and borrowing the rest from a commercial bank through a 30 year loan. The bank charges 6.5% (compounded monthly). Please complete an amortization table indicating the beginning and ending balances for each month; the payment; and how much of the payment goes towards interest and principal. The table should be formatted in a professional manner and should feature the finance functions found in Excel. Additionally, create a look-up to be able to type in the month and find the ending balance for that month. Utilize the information provided in the Prep Module to assist you with formatting and use of functions. Upload the completed document through this link.
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