Sherry and Sam want to purchase a condo at the coast. They will spend $650,000 on the condo and are taking out a loan for the whole amount for the condo for twenty years at 7.0% interest.
a. What is the monthly payment on the mortgage? Construct the amortization of the loan for the twenty years in a spreadsheet to show the interest cost, the principal reduction, and the ending balance each month. Formulas need to be shown in the spreadsheet.