Joe and Lauren owe $34,000 on their student loans at an interest rate of 5%. The term is 20 years. Find their monthly payment.

A. What would a 12 month amortization table look like? How would I create a 12 month table, with example?

B. For months one and two:

How much of their first payment goes toward interest?

How much of their first payment goes toward principal?

After making their first payment, what is the remaining balance?

C. What is the total amount of interest they will pay in the first year?

D. Can you explain how you constructed the amortization table for their student loans? Please Include all of the formulas that you used. Show your calculations for at least one row of the table.

Thank you!