You are thinking of purchasing a house. The house costs $350,000. You have $50,000 in cash that you can use as a down payment on the house, but you need to boroow the rest of the purchase price. The bank is offering a 20-year mortgage that requires monthly payments and has an annual interest rate of 6% per year.

What will be your monthly payments if you sign up for this mortgage?

Draw the amortization schedule on a monthly basis using Excel. Calculate the total amount of interest paid throughout the life of the loan. Create a graph depicting the changes in the portions of interest and principal for each monthly payment throughout the life of the loan.