Suppose you bought a house with 20% down payment and took out a mortgage for the remaining amount. You must amortize the loan over 30 years with equal end-of-month payments. Set up the amortization schedule for the first 12 months only. Also, calculate effective annual rate (EAR) and total interest payment over 30-year life of the mortgage.

(Please show work / Formulas)

Original price of the house :			$84,750
Down Payment			20%
Term of mortgage:			30 years
Interest rate:			3.25%

Periods per year
Total number of periods
Interest rate per period:
Down Payment
Amount Borrowed
Monthly payment (use PMT function):