You plan to purchase a $200,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 6.50 percent. You will make a down payment of 20 percent of the purchase price.

2) AMORTIZATION SCHEDULE (5 points).

You plan to purchase a $200,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 6.50 percent. You will make a down payment of 20 percent of the purchase price.

Using an excel spreadsheet and the guideline from “Amortization Schedule Guideline” posted on eCampus:

a. Calculate your monthly payments on this mortgage.

b. Construct the amortization schedule for the first 36 payments.

NOTE: Question 2 is similar to the excel example we solved in class but it is NOT the same. The class example is posted on eCampus. Do not print your entire spreadsheet, but just the first 36 months of the amortization schedule (3 years). If your calculations are correct, the ending balance for month 360 should be $0.00.

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