Mortgage Amortization Schedule

Loans are part of our lives today. You might have Student Loans, Auto Loans, and Home Mortgage Loans, etc. Banks make those loans and get paid with interest based on the Loan Amortization Schedule. You can find more information through online research. Here is a good video explaining how it works. Do the research and watch the video and build the Mortgage Amortization Schedule Excel Worksheet to analyze the following scenario:

• 30 years Home Mortgage Loan at 3.25% fixed APR
• Purchase Price of the house: $500,000
• Down Payment: 20%

Your Excel application should have the above information as the input part of the sheet and compute the following:

• Monthly Mortgage Payment
• Principal Payment of the Monthly Payment
• Interest Payment of the Monthly Payment
• Amortization schedule showing the above payments over the loan period.

Can you explain the steps to your answer