1. Able Medical Clinic has borrowed $50 million from a bank under the following terms:

Payments are to be made end of every quarter for next 10 years.

Interest Rate is 8.4 percent compounded quarterly.

The firm also plans to make additional $15 million payment towards principal.

The payment is spread as follows: $3 million each at the end of Q4, Q8, Q12, Q16 and Q20.

1. Prepare an amortization table. Use Excel to do this. Show the complete amortization table.It is a good idea to copy the table and print the result as a picture, so that you can format it neatly for an elegant presentation. Remember that neatness of presentation matters as listed under Notes, above
2. How much interest did you pay over the term of the loan?
3. How many quarters did you eliminate out of the original loan because of additional principal payments?