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Pam is buying a townhome that costs $145,000. She is making a down payment of $15,000...

Pam is buying a townhome that costs $145,000. She is making a down payment of $15,000 and getting a 30-year mortgage with a 6.25% APR for the rest.

Calculate Pam's loan amount: $145,000 - $15,000 = $130,000

Now use the PMT formula in Excel to calculate Pam's monthly payment on her mortgage.

Determine the payment, interest, principle, and balance for months 1 and 16.

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