"A Must-Have for Proud Parents! (On Back) Only Here For My Daughter OMG It's Felix T-Shirt is not just a shirt, it's a statement! Show the world your pride and joy with this hilariously relatable and eye-catching design. Perfect for school events, family outings, or just lounging around, this t-shirt will have everyone chuckling and nodding in agreement. Made from soft, breathable fabric, it's ideal for all seasons." Use the same for this: A 30-year, $100,000 mortgage with a nominal interest rate of 6% compounded monthly is to be repaid by equal payments at the end of each month. Prepare the amortization schedule for the second year. (Note: you need to obtain monthly payment first, then the amortization schedule is based on monthly periods). a. PMT b. Interest c. Principal d. Loan Balance a. PMT: The monthly payment is $599.55. b. Interest: The interest for each month is calculated as the previous loan balance multiplied by the monthly interest rate. c. Principal: The principal for each month is calculated as the monthly payment minus the interest for that month. d. Loan Balance: The loan balance for each month is calculated as the previous loan balance minus the principal for that month. To prepare the amortization schedule, we first need to calculate the monthly payment, interest, principal, and loan balance for each month of the second year. The monthly payment is calculated using the loan amount, interest rate, and loan term. The interest is calculated as the previous loan balance multiplied by the monthly interest rate. The principal is calculated as the monthly payment minus the interest for that month. The loan balance is calculated as the previous loan balance minus the principal for that month. Here is the complete amortization schedule for the second year: | Month | PMT | Interest | Principal | Loan Balance | | 13 | $599.55 | $500.00 | $99.55 | $99,900.45 | | 14 | $599.55 | $499.50 | $100.05 | $99,800.40 | | 15 | $599.55 | $499.00 | $100.55 | $99,699.85 | | 16 | $599.55 | $498.50 | $101.05 | $99,598.80 | | 17 | $599.55 | $498.00 | $101.55 | $99,497.25 | | 18 | $599.55 | $497.50 | $102.05 | $99,395.20 | | 19 | $599.55 | $497.00 | $102.55 | $99,292.65 | | 20 | $599.55 | $496.50 | $103.05 | $99,189.60 | | 21 | $599.55 | $495.99 | $103.56 | $99,086.04 | | 22 | $599.55 | $495.49 | $104.06 | $98,981.98 | | 23 | $599.55 | $494.99 | $104.56 | $98,877.42 | | 24 | $599.55 | $494.49 | $105.06 | $98,772.36 | This schedule shows the monthly payment, interest, principal, and loan balance for each month of the second year. The loan balance decreases each month as the principal is paid off, and the interest is calculated based on the remaining loan balance.