4 The purpose of this Excel case is to get you familiar with using amortization schedules. You will 5 complete several schedules under different scenarlos described below. 5 7 Exereise 1: Let's compare how much interest a borrower would pay under these different terms using 8 monthly paryments for each: \begin{tabular}{|l|r|r|} \hline 9 & annual interest rate \\ \hline 10 & amount borrowed & $ \\ \hline 11 & a. & term in years \\ \hline 12 & b. & term in years \\ \hline 13 & c. & term in years \\ \hline 14 & & \\ \hline 15 & & \\ \hline 16 & Show your work on the Exercise 1 tab. \\ \hline 17 & & \\ \hline 18 & \end{tabular} a. Prepare the amortization schedule with the initial terms denoted above using monthly payments. You can show a complete 15 year amortization schedule OR fust what is necessary to answer the question. b. and c. After making payments for 48 months, the borrower can refinance the loan with a lower interest rate of 5.00%. The lender charges a $3,500 fee and the Ready 17 Please show your two different amortization schedules on this tab and answer the following questions: a. monthly payment initially with 6.00% rate b. balance owed after 48 months c. new monthly payment with new rate of 5.00% answers should be denoted in the answer boxes by cell references to the amort schedules a. Prepare the amortization schedule with the initial terms denoted above using monthly payments. You can show a complete 15 year amortization schedule OR just what is necessary to answer the question. b. and c. After making payments for 48 months, the borrower can refinance the loan with a lower interest rate of 5.00%. The lender charges a $3,500 fee and the borrower decides to refinance the balance owed PLUS the $3,500 fee. Prepare the amortization schedule for the remaining length of time. 4 The purpose of this Excel case is to get you familiar with using amortization schedules. You will 5 complete several schedules under different scenarlos described below. 5 7 Exereise 1: Let's compare how much interest a borrower would pay under these different terms using 8 monthly paryments for each: \begin{tabular}{|l|r|r|} \hline 9 & annual interest rate \\ \hline 10 & amount borrowed & $ \\ \hline 11 & a. & term in years \\ \hline 12 & b. & term in years \\ \hline 13 & c. & term in years \\ \hline 14 & & \\ \hline 15 & & \\ \hline 16 & Show your work on the Exercise 1 tab. \\ \hline 17 & & \\ \hline 18 & \end{tabular} a. Prepare the amortization schedule with the initial terms denoted above using monthly payments. You can show a complete 15 year amortization schedule OR fust what is necessary to answer the question. b. and c. After making payments for 48 months, the borrower can refinance the loan with a lower interest rate of 5.00%. The lender charges a $3,500 fee and the Ready 17 Please show your two different amortization schedules on this tab and answer the following questions: a. monthly payment initially with 6.00% rate b. balance owed after 48 months c. new monthly payment with new rate of 5.00% answers should be denoted in the answer boxes by cell references to the amort schedules a. Prepare the amortization schedule with the initial terms denoted above using monthly payments. You can show a complete 15 year amortization schedule OR just what is necessary to answer the question. b. and c. After making payments for 48 months, the borrower can refinance the loan with a lower interest rate of 5.00%. The lender charges a $3,500 fee and the borrower decides to refinance the balance owed PLUS the $3,500 fee. Prepare the amortization schedule for the remaining length of time
