Calculate the monthly payment of the loan

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Reference no: EM131888690

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.

Reference no: EM131888690

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