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4. Excel. Refer to Problem 3. Refer to the Ch 17 Land Dev tab in the Excel Workbook provided on the website. Change the assumptions
4. Excel. Refer to Problem 3. Refer to the "Ch 17 Land Dev" tab in the Excel Workbook provided on the website. Change the assumptions in the file to solve Problem 3. Then, answer the follow- ing questions. a. Determine the release price based on a repayment schedule calling for the loan to be repaid at the following rates: 0 percent, 10 percent, and 30 percent faster than the receipt of sales revenues. (Note: the original problem assumes a rate 25% faster.) b. Develop a loan schedule to demonstrate that with 0 percent acceleration, the loan is paid off exactly when the last lot is sold. c. Calculate the lender's IRR (effective cost of the loan) for each of the rates in part (a)
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