Prepare an amortization schedule for the first 3 payments (in $) of a $78,000 mortgage at 5% for 30 years. Use this table. (Round your answers to the nearest cent.)Payment NumberMonthly PaymentMonthly InterestPortion Used to Reduce PrincipalLoan Balance0 $ 1$ 418.86$ $ $ 2$ $ $ $ 3$ $ $ $ Tabie 14-1: Montmny Payments toIciparImterest per Ș1,0 00 TlancedMonthly Payments(Necessary to amortize a loan of $1,000)Interest510152025303540Rate (%)YearsYearsYearsYearsYearsYearsYearsYears3.5018.199.897.155.805.014.494.133.873.7518.3010.017.275.935.144.634.284.037.407.524.0018.4210.126.065.284.774.434.184.2518.5310.246.195.424.924.584.344.5018.6410.367.656.335.565.074.734.504.7518.7610.487.786.465.705.224.894.665.0018.8710.617.916.605.855.375.054.825.2518.9910.738.046.745.995.525.214.995.5019.1010.858.176.886.145.685.375.165.7519.2210.988.307.026.295.845.545.336.0019.3311.108.447.166.446.005.705.506.2519.4511.238.577.316.606.165.875.686.5019.5711.358.717.466.756.326.045.856.7519.6811.488.857.66.916.496.216.037.0019.8011.618.997.757.076.656.396.217.2519.9211.749.137.907.236.826.566.407.5020.0411.879.278.067.396.996.746.587.7520.1612.009.418.217.557.166.926.778.0020.2812.139.568.367.727.347.106.958.2520.4012.279.708.527.887.517.287.148.5020.5212.409.858.688.057.697.477.338.7520.6412.539.998.848.227.877.657.529.0020.7612.6710.149.008.398.057.847.719.2520.8812.8010.299.168.568.238.037.919.5021.0012.9410.449.328.748.418.228.109.7521.1213.0810.599.498.918.598.418.3010.0021.2513.2210.759.659.098.788.608.499.269.4410.2521.3713.3510.909.828.968.798.6913.4913.6310.5021.4911.059.989.158.988.8910.7521.6211.2110.159.629.339.189.0811.0021.7413.7811.3710.329.809.529.379.2813.9214.0611.2521.8711.5210.499.989.719.569.769.4811.5021.9911.6810.6610.169.909.6811.7522.1214.2011.8410.8410.3510.099.969.8812.0022.2414.3512.0011.0110.5310.2910.1610.0812.2522.3714.4912.1611.1910.7210.4810.3510.2912.5022.5014.6412.3311.3610.910.6710.5510.4912.7522.6314.7812.4911.5411.0910.8710.7510.6913.0022.7514.9312.6511.7211.2811.0610.9510.90%3D

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Description: Prepare an amortization schedule for the first 3 payments (in $) of a $78,000 mortgage at 5% for 30 years. Use this table. (Round your answers to the nearest cent.)Payment NumberMonthly PaymentMonthly InterestPortion Used to Reduce PrincipalLoan Bala

The interest rate, number of periods and monthly payments are : Use, pmt() function in the excel to…

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Prepare an amortization schedule for the first 3 payments (in $) of a $78,000 mortgage at 5% for 30 years. Use this table. (Round your answers to the nearest cent.)

Payment Number	Monthly Payment	Monthly Interest	Portion Used to Reduce Principal	Loan Balance
0				$
1	$ 418.86	$	$	$
2	$	$	$	$
3	$	$	$	$

Tabie 14-1: Montmny Payments to
Icipar
Imterest per Ș1,0 00 Tlanced
Monthly Payments
(Necessary to amortize a loan of $1,000)
Interest
5
10
15
20
25
30
35
40
Rate (%)
Years
Years
Years
Years
Years
Years
Years
Years
3.50
18.19
9.89
7.15
5.80
5.01
4.49
4.13
3.87
3.75
18.30
10.01
7.27
5.93
5.14
4.63
4.28
4.03
7.40
7.52
4.00
18.42
10.12
6.06
5.28
4.77
4.43
4.18
4.25
18.53
10.24
6.19
5.42
4.92
4.58
4.34
4.50
18.64
10.36
7.65
6.33
5.56
5.07
4.73
4.50
4.75
18.76
10.48
7.78
6.46
5.70
5.22
4.89
4.66
5.00
18.87
10.61
7.91
6.60
5.85
5.37
5.05
4.82
5.25
18.99
10.73
8.04
6.74
5.99
5.52
5.21
4.99
5.50
19.10
10.85
8.17
6.88
6.14
5.68
5.37
5.16
5.75
19.22
10.98
8.30
7.02
6.29
5.84
5.54
5.33
6.00
19.33
11.10
8.44
7.16
6.44
6.00
5.70
5.50
6.25
19.45
11.23
8.57
7.31
6.60
6.16
5.87
5.68
6.50
19.57
11.35
8.71
7.46
6.75
6.32
6.04
5.85
6.75
19.68
11.48
8.85
7.6
6.91
6.49
6.21
6.03
7.00
19.80
11.61
8.99
7.75
7.07
6.65
6.39
6.21
7.25
19.92
11.74
9.13
7.90
7.23
6.82
6.56
6.40
7.50
20.04
11.87
9.27
8.06
7.39
6.99
6.74
6.58
7.75
20.16
12.00
9.41
8.21
7.55
7.16
6.92
6.77
8.00
20.28
12.13
9.56
8.36
7.72
7.34
7.10
6.95
8.25
20.40
12.27
9.70
8.52
7.88
7.51
7.28
7.14
8.50
20.52
12.40
9.85
8.68
8.05
7.69
7.47
7.33
8.75
20.64
12.53
9.99
8.84
8.22
7.87
7.65
7.52
9.00
20.76
12.67
10.14
9.00
8.39
8.05
7.84
7.71
9.25
20.88
12.80
10.29
9.16
8.56
8.23
8.03
7.91
9.50
21.00
12.94
10.44
9.32
8.74
8.41
8.22
8.10
9.75
21.12
13.08
10.59
9.49
8.91
8.59
8.41
8.30
10.00
21.25
13.22
10.75
9.65
9.09
8.78
8.60
8.49
9.26
9.44
10.25
21.37
13.35
10.90
9.82
8.96
8.79
8.69
13.49
13.63
10.50
21.49
11.05
9.98
9.15
8.98
8.89
10.75
21.62
11.21
10.15
9.62
9.33
9.18
9.08
11.00
21.74
13.78
11.37
10.32
9.80
9.52
9.37
9.28
13.92
14.06
11.25
21.87
11.52
10.49
9.98
9.71
9.56
9.76
9.48
11.50
21.99
11.68
10.66
10.16
9.90
9.68
11.75
22.12
14.20
11.84
10.84
10.35
10.09
9.96
9.88
12.00
22.24
14.35
12.00
11.01
10.53
10.29
10.16
10.08
12.25
22.37
14.49
12.16
11.19
10.72
10.48
10.35
10.29
12.50
22.50
14.64
12.33
11.36
10.9
10.67
10.55
10.49
12.75
22.63
14.78
12.49
11.54
11.09
10.87
10.75
10.69
13.00
22.75
14.93
12.65
11.72
11.28
11.06
10.95
10.90
%3D

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