$1.$Create input fields for the amount loaned, the lowest possible interest rate, and the highest

possible interest rate.

$2.$ Create columns for looking at five interest rates evenly spaced between the lowest and highest

input interest rates. This has to be done using a Formula to compute the column headers.

$3.$ Use PMT$()$ to calculate the monthly payment due if the loan of $$50000$ is paid in full at the

end of the term. For instance, the monthly payment of a loan with a $4\mathrm{.}75\%$ interest rate given a

five $(5)$ year term is $$937\mathrm{.}85.$

$4.$ Format the model exactly as shown in Figure $2.$

You may introduce intermediate calculations$$and if you do$,$ please do not hide them. Breaking

complex calculations into smaller steps is a good idea. You can see our example calculated the step

size for the interest rates in F$1.$

$5.$ In the same sheet, create a table to summarize the total costs as shown in Figure $3.$ You

should calculate the actual cost of the loan. From the Monthly Payment Due $($MPD$)$ table compute

the Actual Cost $($AC$)$ table which gives for each interest rate and term the total amount of interest

you paid over the duration of the loan. To compute AC$,$ multiply each entry in MPD by the total

number of periods and subtract the principal $($Initial Balance$).$

$6.$Show two different ways of writing the formula in the upper left corner of the Actual

Cost table. One is spilling and the other one needs to be copied. Indicate which of the two formulas

requires copying to extend it to the entire table. Assume that the list of terms is defined using the

SEQUENCE function. Assume that MPD is a two$-$dimensional named range covering the Monthly

Payments Due table. You have a reference to the upper left corner of MPD to use in one of the two

formulas. Discuss the advantages and disadvantages of the two formulas.