Consider a $50,000 loan made at a 6 percent interest rate (annual rate compounded monthly) for 5 years. Be sure to show calculations and reference cells where needed (i.e. do not simply type in values but reference other cells to compute the calculations).

1) Calculate the constant monthly mortgage payment on this loan, assuming it is an interest only loan. Use the excel PMT function to calculate the monthly payment. Fill in the amortization schedule.