As a senior financial analyst at North Shore CPA Services, you are researching various options for financing a $250,000 loan for the purchase of a new estate-planning facility. You haven't decided whether to finance the project for three, four, or five years. Each loan term carries a different interest rate. To help with the comparison, you summarize these options using a Scenario Summary. You will be working with the file EX_2.2.xls.

1. Open the fie EX_2.2.xlsx and save it as Project2.2_Loans.xlsx. 2. Create cell names for cells B4:B11 based on the labels in cells A4:A11, using the Create Names from Selection dialog box. 3. Use Scenario Manager to create scenarios that calculate the monthly payment on a loan amount of your choice under the three sets of loan possibilities listed below in Figure 1. For instance, in Figure 2 below, the loan amount of $250,000 was used. Note: You cannot use the loan amount of $250,000. (Hint: Create three scenarios, using cells B5:B6 as the changing cells.

FIGURE 1: SCENARIO, INTEREST RATES & TERMS

SCENARIO NAME	INTEREST RATE	TERMS (MONTHS)
5% 5 year	5	60
4% 4 year	4	48
3% 3 year	3	36

FIGURE 2: NORTH SHORE CPA SERVICES

NORTH SHORE CPA SERVICES
Financing Options
Loan Amount	$250,000.00
Annual Interest Rate	5.00%
Term in Months	60
Monthly Payment:	$4,717.81
Total Payments:	$283,068.50
Total Interest:	$33,068.50

4. View each scenario and confirm that it performs as intended, then display the 5% 5 Year scenario. 5. Generate a scenario summary titled Finance Options. Use cells B9:B11 as the Result cells. 6. Format the range B9:B11 as currency with two decimal places. 7. Delete the Current Values column in the report and the notes at the bottom of the report, Row 1, and column A.