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1 2 3 4 5 6 7 You are considering the purchase of a house priced at $315,000. You are planning to make a down payment of 10% of the purchase price, and will finance the rest. Your credit union offers you a mortgage with the following terms:15 years fully amortized, monthly payments, 3.60% APR with monthly compounding. Your first mortgage payment will be due on January 1, 2022. Construct an amortization schedule for the entire duration of this loan. Be sure to calculate the beginning balance, payment amount, interest portion, principal portion, and ending balance for each of the 180 months of the mortgage's life. (If you haven't learned about absolute references yet, now is the time!) Once you have a working amortization schedule, use it to answer the questions presented on the right. Type your answers in the yellow cells. 8 9 10 11 12 13 14 315,000 10.00% 15 Purchase Price Down Payment % Mortgage Term (months) Interest Rate Initial Loan Amount Monthly Interest Rate Monthly Payment 16 180 17 3.60% 18 19 Beginning Balance Monthly Payment Interest Portion Principal Portion Ending Balance 20 21 22 23 24 25 26 27 Month 1/1/2022 2/1/2022 3/1/2022 4/1/2022 5/1/2022 6/1/2022 7/1/2022 8/1/2022 9/1/2022 10/1/2022 11/1/2022 12/1/2022 1/1/2023 2/1/2023 3/1/2023 4/1/2023 28 29 30 31 32 33 34 35

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