EXCEL ONLY

PROBLEM 3 Jim London has taken a $150,000 mortgage on his warehouse at an interest rate of 8.5% per year. If the mortgage calls for five equal annual (end of the year) payments, what is the amount of each payment? (a) Develop a loan amortization schedule (use the table format shown below) (b) What is total amount of interest paid for the life of the mortgage? Beginning Balance Annual Payment Year Interest Principal Paid Paid Ending Balance Totals XXXXXXXXXX XXXXXXX