Instructions: Use pencil only! Based on the numbers below to buy a house, complete the amortization schedule for the first year of the loan. Show your work for the calculation of the monthly payment. Answer questions in complete sentences. Amount of Loan: $150,000 Term of Loan in Years: 30 years Total Payments: Annual Interest Rate: 3.5% Monthly Payment: (show work) Pmt No Beginning Date Scheduled (mm/dd/yy) Extra Payment Payment Interest Principal Balance 0 1 2345678 9 10 11 12 Questions: 1. What happens over time to the interest? Why? 2. What happens over time to the principal? Why? 3. What takeaway lesson have you learned about itemizing each payment for a year?