Reading from Amortization Schedule (extracting data from Table array) My Solutions > An amortization table shows how a loan debt is paid off in monthly payments over the term of a loan. For each monthly payment, the amount paid toward interest and the amount paid toward principal varies as the principal reduces over time. The table calculation breaks down each payment into the interest and principal reduction and also indicates the outstanding principal balance. This is repeated for the duration of the loan term until the principal value is zero. An amortization table for a $5000 loan with a two year term and an annual interest rate of 5.25% is shown below: Month Interest Principal Balance 1 2 2 3 4 5 6 7 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 $ 21.87 $ 21.01 $ s 20.14 $ $ 19.26 $ $ 18.39 $ 17.50 $ 16.62 $ 15.73 $ 14.84 $ s 13.94 $ $ 13.04 $ $ 12.13 $ 11.22 $ 10.31 $ 9.39 $ 8.47 $ $ 7.55 $ 6.62 $ 5.69 $ 4.75 $ 3.81 $ 2.86 $ 1.91 $ 0.96 $ 198.04 $ 198.91 $ 199.78 $ $ 200.65 $ 201.53 $ 202.41 $ 203.30 $ 204.19 $ 205.08 $ 205.98 $ 206.88 s 207.78 $ 208.69 $ 209.61 $ 210.52 $ 211.44 S 212.37 $ 213.30 $ 214.23 $ 215.17 $ 216.11 $ 217.06 $ $ 218.01 $ 218.96 $ 4801.96 $ 4603.05 $ 4403.27 $ 4202.62 $ 4001.09 $ 3798.67 $ 3595.38 $ 3391.19 $ 3186.11 $ 2980.13 $ 2773.25 $ 2565.47 $ 2356.77 $ 2147.17 $ 1936.64 $ 1725.20 $ 1512.83 $ 1299.53 $ 1085.30 $ 870.13 $ 654.02 $ 436.96 $ 218.96 $ $ 0.00 Write a script to perform the following calculations using data extracted from the table above. The table array exists in the workspace with the variable name a Amortization Table. 1. Sum the second column to compute the total interest paid over the term of the loan and assign to the variable TotalInterest Paid. 2. Compute the fraction (decimal fraction) of the monthly payment that is applied to principal in the first month of the loan and assign this result to PrincipalFractionInitial 3. Compute the fraction (decimal fraction) of the monthly payment that is applied to principal in the eighteenth month of the loan and assign this result to PrincipalFraction18. Here are some details about the variables in the table array. . The first column is the variable Month and contains a column vector of integers. . The second column is the variable Interest and contains an 8-column character array showing the monthly interest with currency format. The third column is the variable Principal and contains an 8-column character array of the amount applied toward principal each month with currency format. . The last column is the variable Balance and contains an 8-column character array of the outstanding loan balance at the end of each month with currency format. Script Save Reset 23 MATLAB Documentation amortization Schedule %runs a script to generate the amortization schedule shown in the problem statement Reading from Amortization Schedule (extracting data from Table array) My Solutions > An amortization table shows how a loan debt is paid off in monthly payments over the term of a loan. For each monthly payment, the amount paid toward interest and the amount paid toward principal varies as the principal reduces over time. The table calculation breaks down each payment into the interest and principal reduction and also indicates the outstanding principal balance. This is repeated for the duration of the loan term until the principal value is zero. An amortization table for a $5000 loan with a two year term and an annual interest rate of 5.25% is shown below: Month Interest Principal Balance 1 2 2 3 4 5 6 7 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 $ 21.87 $ 21.01 $ s 20.14 $ $ 19.26 $ $ 18.39 $ 17.50 $ 16.62 $ 15.73 $ 14.84 $ s 13.94 $ $ 13.04 $ $ 12.13 $ 11.22 $ 10.31 $ 9.39 $ 8.47 $ $ 7.55 $ 6.62 $ 5.69 $ 4.75 $ 3.81 $ 2.86 $ 1.91 $ 0.96 $ 198.04 $ 198.91 $ 199.78 $ $ 200.65 $ 201.53 $ 202.41 $ 203.30 $ 204.19 $ 205.08 $ 205.98 $ 206.88 s 207.78 $ 208.69 $ 209.61 $ 210.52 $ 211.44 S 212.37 $ 213.30 $ 214.23 $ 215.17 $ 216.11 $ 217.06 $ $ 218.01 $ 218.96 $ 4801.96 $ 4603.05 $ 4403.27 $ 4202.62 $ 4001.09 $ 3798.67 $ 3595.38 $ 3391.19 $ 3186.11 $ 2980.13 $ 2773.25 $ 2565.47 $ 2356.77 $ 2147.17 $ 1936.64 $ 1725.20 $ 1512.83 $ 1299.53 $ 1085.30 $ 870.13 $ 654.02 $ 436.96 $ 218.96 $ $ 0.00 Write a script to perform the following calculations using data extracted from the table above. The table array exists in the workspace with the variable name a Amortization Table. 1. Sum the second column to compute the total interest paid over the term of the loan and assign to the variable TotalInterest Paid. 2. Compute the fraction (decimal fraction) of the monthly payment that is applied to principal in the first month of the loan and assign this result to PrincipalFractionInitial 3. Compute the fraction (decimal fraction) of the monthly payment that is applied to principal in the eighteenth month of the loan and assign this result to PrincipalFraction18. Here are some details about the variables in the table array. . The first column is the variable Month and contains a column vector of integers. . The second column is the variable Interest and contains an 8-column character array showing the monthly interest with currency format. The third column is the variable Principal and contains an 8-column character array of the amount applied toward principal each month with currency format. . The last column is the variable Balance and contains an 8-column character array of the outstanding loan balance at the end of each month with currency format. Script Save Reset 23 MATLAB Documentation amortization Schedule %runs a script to generate the amortization schedule shown in the problem statement