PLEASE EXPLAIN HOW TO CREATE THE AMORTIZATION TABLE IN EXCEL!

Mini-Project 1: Mortgage Loan Analysis (50 points):

You plan to buy a house in December 2019. The sale price is $385,000. You need to pay 20% down payments and borrow additional 80% from Bank of America with a 25-year, 3.0% fixed-rate mortgage loan. You are expected to pay an equal MONTHLY payment starting from January 2020 for a total of 25 years.

(1) Calculate your expected monthly mortgage payment.

(2) Develop the 2020~2044 amortization table for your mortgage loan.

(A) When you prepare your 2020 tax filing, what is the total mortgage interest payment that you can consider for the tax deduction?