Answer Happy

Scenario Jerry Sinclair of Cold Lake, Alberta has just purchased a new home for $350,000. He paid $40,000 cash down payment with the balance to be paid at the end of each month for the next 15 years at a financing rate of 3.5% compounded semi annually. Instructions I Create an attractively formatted amortization table in Excel which shows the details of how the debt will be repaid. Specifically, the schedule should show the payment number, payment amount, interest portion, cumulative interest, principal portion, cumulative principal and the outstanding balance (you can use these as headings in your table). Make sure you create formulas so that they can be copied to fill the table and so that if you wanted to produce a table for a different principal amount, or interest rate, you would have to change just one number. Near the top of your spreadsheet indicate the total interest paid over the entire period of the loan. Also create an appropriately labelled line chart which illustrates the cumulative interest and cumulative principal amounts per period and place it above the amortization table. Save your assignment as your_name_mortgage and upload to Moodle.