Apartment house with eight units is available for purchase at $400,000; it needs $400,000 in renovations. You have great credit and your bank is willing to loan you the money with only $40,000 down on initial purchase price. Closing costs will be $4600. Insurance is estimated at $8,100 per year. Taxes will be $10,100. Renovation is estimated to take 9 months. The bank has offered to give you a construction loan covering the purchase price and renovation cost. You only pay interest on the loan for 12 months at 12%. After renovation, the loan will be converted to fifteen-year mortgage at 7% interest. Assume that income from renting starts at the 13^th month and is at 80%. Each unit will rent for $1900 per month. Estimated occupancy over the 15 years is 80%. What is the monthly interest on the construction loan? What is the monthly payment on the mortgage? What occupancy rate is needed to cover the loan payment, taxes, and insurance? What is the net present value (NPV) of the investment assuming a discount rate of 2%? When do you break even (i.e., net income equals initial payments)? Should you make the investment based on required discount rate to breakeven at the end of 15 years (i.e., what interest rate would a competing investment have to have to equal the apartment house?)

It needs to be displayed in an Excel Spreadsheet, please help! I'm lost.