Calculate a 30 year amortization schedule in excel for the purchase of an office building. Here are the details:
The building costs $250,000.
You are able to obtain a mortgage loan for 90% of the value.
You must come up with cash for the remaining 10%
The mortgage loan is a fixed rate loan at 6% interest per year using simple interest with a 30/360 formula.
Problem 1 - Calculate the monthly payment of the loan.
Problem 2 - Prepare a detailed amortization schedule month by month for 30 years showing the interest for each month, the remaining balance of the loan for each month of the term.
Problem 3 - Summarize the interest paid per year
Problem 4 - Summarize the principal per year.