Construct a loan amortization table for a 20-year fixed rate mortgage with annual interest rate of 3.6%. The amount borrowed is $500,000. In addition, compute the WAL (weighted average life) of the loan. Assume there is no prepayment throughout the life of the loan.
Please use EXCEL to complete this question. The loan amortization table should show the monthly mortgage payment, monthly interest payment and principal repayment, and monthly beginning/ending loan balance.
Reference: https://ucirvine.instructure.com/courses/28601/files/11908248?module_item_id=1027125 Spreadsheet posted on Canvas.
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