midlandu.instructure.com e value of money (2/20) (13) Mitchell Tenpenny references on a separate page (page break). Use an amortization table (Office template posted on Canvas to address the following Develop an amortization table for a home mortgage. Principal of $500,000. Interest rate: 3.5%. Thirty (30) year term. . What is the payment? o How much interest will you pay over the term of the loan? . Using the above terms rerun the calculation for a 15 year term. o How much interest will you pay over the term of the loan? o At what payment number will you pay more principal than interest. o What is the payment? o At what payment number will you pay more principal than interest. . Find a future value (compounding calculator online). Run a scenario where you save $750 per month for 30 years at 8% interest . How much will you accumulate over the 30 years? . How does this compare with a 0% savings account? Rerun the scenario where you save $1500 per month for 15 years at 8% interest. Compare and contrast these results with the $750/30 year scenario. Write a brief narrative in which you define and describe present and future value calculations and how managers would use this information in making capital decisions. F3 FS F7 F9