Assignment#1 Loan Amortization Submission due on Monday, November 5, 2018 via D2L Assignment Folder (by 12 noon) and in class You are thinking of purchasing a house that costs $350,000. You have $27,000 in cash that you can use as a down payment, but yo need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires monthly payments and has an annual interest rate of 5.78% per year. What will your monthly payments be if you sign up for this mortgage? Draw the umartaati schedule on a monthly basis using Excel. Calculate the total amount of interest paid throughout the life of the loan. Create a graph depicting the changes in the portions of interest and principal for each monthly payment throughout the life of the loan. Suppose the interest rate decreases to 4.35% per year and the length of repayment decreases to 15 years. What will the new monthly payment be? Draw a new amortization schedule in a separate Excel sheet. Calculate the total annount ofmlenost paid tnoughoutt life of the loan. How much do you save if you go with the 15-year mortgage versus the 30-year mortgage example above? The amortizations schedule and the graph for each part will be presented separately on two different worksheets (sheet 1 and sheet 2 The answer to the savings question will have to listed on sheet 3 D2L submission by 12 noon, November 5, 2018 Submit the assignment via D2L (Assignment Folder- Spreadsheet Assignments Spreadsheet Assignment 1 In-class submission at the beginning of class. November 5th, 2018 When printing out your assignment, please print only the first 10 rows and last 10 rows of the amortization schedule. To do this, highlight the middle rows, right click on the highlighted area and select hide. This will avoid printing out an unnecessary number of pages. Please note the printed handoutwll have to contain both the amortization schedules (rows as specified), both the graphs and the response to the savings