Consider the following information and answer each of the questions below using arithmetic, algebra, and Excel functions as appropriate. Lary is considering an ARM loan offered by a local lender. The loan amount is $385,000. The term of the loan is 10 years. The index today is 1.1%. The margin on the loan is 3%. The teaser (first year only) is 1%. The composite rate adjusts annually and is subject to annual and lifetime caps of 2% and 5%. The loan does not provide for negative amortization nor does it provide floors. Assume the following forecast of index rates. The prevailing rate in the market for similar FRM loans is 5.25%. Make no changes to this Excel workbook other than entering the information needed in the yellow and pink highlighted cells and your answer calculation in the green highlighted cells. Only the green highlighted cells will be graded. Do not round intermediate calculations (let Excel store all decimal values).

Please provide the answer with the excel function thank you

Balance 14. What is the balance at the EOY 7? Payment Composite Rate Loan Term (years) Payments per Year 15. What is the payment in months 85 through 96? Loan Balance Payment Loan Term (years) Payments per Year Composite Rate Balance 16. What is the balance at the EOY 8? Payment Composite Rate Loan Term (years) Payments per Year 17. What is the payment in months 97 through 108? Loan Balance Payment Loan Term (years) Payments per Year Composite Rate Balance 18. What is the balance at the EOY 9? Payment Composite Rate Loan Term (years) Payments per Year Balance 14. What is the balance at the EOY 7? Payment Composite Rate Loan Term (years) Payments per Year 15. What is the payment in months 85 through 96? Loan Balance Payment Loan Term (years) Payments per Year Composite Rate Balance 16. What is the balance at the EOY 8? Payment Composite Rate Loan Term (years) Payments per Year 17. What is the payment in months 97 through 108? Loan Balance Payment Loan Term (years) Payments per Year Composite Rate Balance 18. What is the balance at the EOY 9? Payment Composite Rate Loan Term (years) Payments per Year