Able Express Care borrows $12,000,000 from a bank under the following terms: Payments are made in 6-month intervals for 15 years. Interest rate is 10% Compounded semiannually (i.e., 5% per half-year). For each question below, you would need to develop an amortization table, best obtained using Excel. The tables are to be included as Appendix A, B and C.

Scenario C. Assume Able Pays two extra payments at the end of 4th and 5th years of $4 million each. These payments are made in addition to the usual scheduled payments, determined based on initial contract. Prepare an amortization table.

What is the total interest paid by Able over the term of the loan (that has a new end date)?

What is the outstanding loan balance at the end of 7th year? By paying extra towards the principal, how many half-years were eliminated?