You are considering buying a house with a listed price of $400,000. After doing some research, you have concluded that a 30-year fixed-rate mortgage is the best option for you. The bank requires you to put a down payment equal to 20% of the value of the house. You plan to use your savings to meet the down payment and borrow the balance from the bank. The banks annual interest rate for a 30-year fixed-rate home mortgage is 3%. Both interest and principal are payable at the end of each month.

Deliverables Prepare a complete mortgage amortization schedule for this house purchase in Excel.