On July 1, 2018, Ace Enterprises purchased a building for $325,000, signing a 5%, 20-year mortgage. Installment payments of $2,144.86 are due at the end of each month, with the first payment being due on July 31, 2018.

Required: Prepare an amortization of the loan using Excel. Prepare the excel based on the requirements below and please show the excel formula used along with the excel result show excel for the whole twenty years)

The following are required items in the amortization schedule:

You may not use an amortization template in Excel

Input cells for the principal amount, interest rate, and payment

The last number of the amortization table will not equal zero but it will be close