please explain in detail

iment I Assignment# 1 Loan Amortization-Due Tuesday, March 5th, 2019 at the beginning of class HARD COPIES ONLY-DO NOT EMAIL TO ME. You do not have to print out the entire amortization schedule, just the first 4 months and the last 4 months of the table. You are thinking of purchasing a house that costs $165,000. You have $8,000 in cash fora down payment, but you need to borrow the rest of the purchase price. The bank is offering a 30- year mortgage that requires monthly payments and has an annual interest rate of 655%, what will your monthly payments be if you sign up for this mortgage? Draw the amortization schedule on a monthly basis using Excel. Calculate the total amount of interest paid throughout the life of the loan. Create a graph depicting the changes in the portions of interest and principal for each monthly payment throughout the life of the loan. Suppose you have the option to take out a 15-year mortgage with an annual interest rate of 4.95%, what would the monthly payment be for this mortgage? Draw a new amortization schedule in a separate Excel sheet. Calculate the total amount of interest paid throughout the life of the loan. How much would you save if you choose the 15-year over the 30-year mortgage