These are accounting/economics questions:

1. Amortization Problem: A 30-year, fixed-rate mortgage has an initial principal of $500,000. The interest rate is 4% per year compounded monthly. You must construct an amortization schedule showing the amount of interest and principal in each monthly payment. The amount of interest paid at End of Month (EOM)mdepends on the principal owed at EOM (m-1). Furthermore, the amount of principal paid at EOMmis the difference between the monthly payment (A) and the amount of interest paid. Your task is to construct the complete table for all 360 months. You should use a spreadsheet to construct your table. If the house is sold immediately after the 60^thpayment (i.e., after 5 years), how much principal is still owed?
2. For the Amortization Problem, how much interest has been paid by the time the house is sold?
3. For the Amortization Problem, what is the first month for which more than half of the payment goes to principal? The answer is a whole number and you must enter the exact value.
4. For the Amortization Problem, how many months does it take to pay off 25% of the principal? The answer is a whole number and you must enter the exact value.