Create a spreadsheet to compare current monthly mortgage payments versus the new monthly payments if the loan were refinanced, as shown:

REFINANCING CALCULATOR INSTRUCTIONS: ONLY ENTER DATA INTO BORDERLESS CELLS; DO NOT ENTER DATA INTO CELLS WITH BORDERS Current loan amount $500,000 Current term (years) 30 Current interest rate 5%

Current monthly payment $2,684.11 New loan amount $400,000 New loan term (years) 25 New interest rate 4.50%

New monthly payment $2,223.33 REQUIRED

a. Restrict access to the spreadsheet by encrypting it.

b. Further protect the spreadsheet by limiting users to the ability to select and enter data only in the six cells without borders.
Hint: The article “Keeping Secrets: How to Protect Your Computer from Snoops and Spies,” by Theo Callahan in the July 2007 issue of the Journal of Accountancy, explains how to do this using Excel 2003. Review the article, and then use Excel’s built-in help function to learn how to do this with later versions of Excel.*