Develop an assessment of each of the following problems:
1. Calculate the monthly mortgage payment of principal and interest for the a loan with an initial balance of 150,000, an annual stated interest rate of 6%, and 30 years to maturity. Use Excel to develop this response and present your result within a separate page of the spreadsheet.
2. Develop the amortization table for the loan outlined in problem 1. Use an Excel spreadsheet to develop and present this table. Present this result in a separate page of the spreadsheet.
3. Further, given the structure of problem 1, develop a summary table showing how the monthly payment would adjust for all options with an interest rate at 5%, 6% and 7% as well as a maturity at 15 years, 20 years and 30 years. Use Excel to develop and present this summary table. Present the results in a separate page of the spreadsheet.