Directions: One group member should post one MS$-$Excel spreadsheet to Canvas for your entire group. Your groups will be listed in the Announcements section of Canvas. Do not work with any other groups in formulating or checking your answers. Email the instructor with any questions. Include your amortization table on one sheet $(30$ points$)$ and your answers to the following $7$ questions on a different sheet $(70$ points$)$ within the same Excel file. Your amortization table should be set up so that if the assumptions change your table updates appropriately. The assumption cells should be clearly identified $($e$.$g$.$ yellow$).$ Grades will not be posted until everyone in your group has completed the peer evaluation or the due date has passed whichever is sooner.

Scenario: $10$ years ago, Janice got a $$300,000,30-$year mortgage with an annual interest rate of $6\%$ and monthly payments.

$1)$ What is her monthly payment?

$2)$ How much does she owe today $($after $120$ payments$)?$

Janice is planning to move in $2$ years.

$3)$ How much will she owe in $2$ years $($after $144$ payments$)?$

Option $1$: Janice is considering making an extra payment of $$250$ each month for the next $2$ years.

$4)$ How much will she owe in $2$ years $($after $144$ payments$)$ if she makes an extra $$250$ payment every month starting with her next payment $($payment $121)?$

Option $2$: Janice is considering refinancing the remaining balance on her loan $($your answer to $2)$ along with $$3,000$ in closing costs into a new $20-$year mortgage with an annual interest rate of $4\%$ and monthly payments.

$5)$ What would her monthly payment be with the new mortgage?

$6)$ How much will she owe in $2$ years on her new mortgage?

$7)$ Which option $(1$ or $2)$ do you think would be best? Explain.