On January 1, 2016 Your Bank Approved Your Mortgage and You

Essay

On January 1, 2016 your bank approved your mortgage and you bought your first home.The mortgage value is $180,000, with interest compounded annually at a rate of 10%.In Excel, generate two mortgage amortization schedules for the 25-year mortgage: one showing the monthly payments for the first 12 months and the other showing the annual amounts from the second year until the mortgage matures.Note that for the second amortization schedule the monthly payment amount will not change.