2. Matt purchased a $100,000 house 5 years ago. The mortgage was to be repaid with monthly payments in arrears over 15 years. The nominal rate of interest is 8% compounded monthly. In order to shorten the term of the mortgage by 5 years so as to reduce interest, Matt negotiates with the lender so that the remaining outstanding loan balance is to be repaid in 5 years by larger monthly payments. (a) How much interest can Matt save? (b) Construct the entire amortization schedule for Matt, without and with the new arrangement. ANS: $18,852.51. Excel Solution Preferred