Jasmine was looking for an apartment for a long time. Finally, she found a brand-new building with a one-bedroom apartment for $450,000. She was approved for the mortgage of $450,000 by the bank. The interest rate for the mortgage is 3% annually, for 15 years. She is going to pay monthly.

a) Construct full and partial amortization schedules both manually and with spread sheets.

b) Calculate the interest portion, principal portion, and principal balance after any payment. Use spreadsheet.

Calculate the final payment of a mortgage and the interest and principal paid:

Manually.

Using Excel.

Make sure to attach your spreadsheet.