Using a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 at an annual interest rate of 4.29%. (a) In which month does the amount of principal in a monthly payment first exceed the amount of interest? b) How much interest is repaid for the term of the loan? (Round your answer to the nearest cent.) %24 tf the loan amount was $750,000 instead of $500,000, would the month in which the amount of principal in a monthly payment first exceeded the amount of interest change? Yes No

Question
Using a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 at an annual interest rate of 4.29%.
(a) In which month does the amount of principal in a monthly payment first exceed the amount of interest?
b) How much interest is repaid for the term of the loan? (Round your answer to the nearest cent.)
%24
tf the loan amount was $750,000 instead of $500,000, would the month in which the amount of principal in a monthly payment first
exceeded the amount of interest change?
Yes
No
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Transcribed Image Text

Using a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 at an annual interest rate of 4.29%. (a) In which month does the amount of principal in a monthly payment first exceed the amount of interest? b) How much interest is repaid for the term of the loan? (Round your answer to the nearest cent.) %24 tf the loan amount was $750,000 instead of $500,000, would the month in which the amount of principal in a monthly payment first exceeded the amount of interest change? Yes No