The Output answers should be as follows:

Payment: $303.09

Interest Component: $158.31

Principal Component: $144.78

Outstanding Balance: $207624.41

Total Paid over life of loan: $394014.51

Total Interest Paid over life of loan: $144014.51

Please explain how to get these outputs using VLOOKUP, PMT, IPMT, PPMT.

These are the Inputs:

STEPS 3-5 are already done. Please ONLY ANSWER 6-8

6 Fill out range B21:B26 by using VLOOKUP, PMT, IPMT, PPMT 7 Fill out the amortization table (refer to Excel Financial Management 3) 8 Create a chart showing outstanding balance as a function of period for the mortgage; chart titles, and marker are automatically updated A B C E F Outputs Payment $304.24 Interest Component $159.89 Principal Component $144.35 Outstanding balance Total Paid over Life of Loan $395,514.05 Total Interest Paid over Life of Loan $145,514.05 Amortization Table Period Payment Balance Owing (BoP) Interest Component Principal Component Balance Owing (EoP) $250,000 Use Scroll bar to choose a particular period below: 3 Table format for PaymentFrequency data, call the table "PaymentFrequency" 4 Navigate to the Amortization Chart \& Create a drop-down list of payment frequency in cell B9 5 Fill out range B10:B11 by using EFFECT, NOMINAL 6 Fill out range B21:B26 by using VLOOKUP, PMT, IPMT, PPMT 7 Fill out the amortization table (refer to Excel Financial Management 3 ) 8 Create a chart showing outstanding balance as a function of period for the mortgage; chart titles, and marker are automatically updated