Construct an amortization schedule for a 15-year

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Question: Construct an amortization schedule for a 15-year, $400,000 loan with a 4.2% interest rate compounded monthly. The loan will be paid back in 15 years making monthly payments. You need to calculate the principal payment and interest payment, respectively, of each month. Hint: Please refer to the excel file of "Loan Amortization "posted in Unit 4 "Lecture". Specifically, you need to update the model from "yearly" payment to "monthly" mortgage payment. 15 years *12 = 180 months. Therefore, you should demonstrate 180 principal payments and interest payments for each

Reference no: EM133379046

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