j. Suppose you bought a house and took out a mortgage for $50,000. The interest rate is 8%, and you must amortize the loan over 10 years with equal end-of-year payments. Set up an amortization schedule that shows the annual payments and the amount of each payment that repays the principal and the amount that constitutes interest expense to the borrower and interest income to the lender.

Please show work used in Excel, or show what is used in excel to do question

Year

Beg. Amt.

Pmt

Interest

Principal

End. Bal.