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Chapter 5 Test: Using the following information, develop an amortization table and calculate the numbers using excel. Loan Amount: $250,000 Interest rate: 3% Period: 30

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Chapter 5 Test: Using the following information, develop an amortization table and calculate the numbers using excel. Loan Amount: $250,000 Interest rate: 3% Period: 30 years 1 What % of the first monthly payment went for interest and for principal? Both should add up to 100%. What % of the final monthly payment went for interest and for principal? Both should add up to 100%

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