Generate an excel spreadsheet for an amortization table for a 30-year $95,000 mortgage used at a nominal 9% interest rate. The table should be able to model up to 360 payments (30 year mortgage). The user should be able to input the initial loan amount, the APR, and the number of monthly payments for the loan period. Columns in the table should include the month, the amount of interest, the principal payment, and the ending balance.
If the amount of principle paid was increased so that the total payment is $1,000, in which month would this mortgage be paid off? Be sure to include in a separate tab your table that addresses this question.