Eyas' Enterprises is considering a new $3-$year expansion project that requires an initial fixed asset investment of $$2\mathrm{.}18$ million. The fixed asset will be depreciated straight$-$line to zero over its $3-$year tax life, after which time the company expects it will be worthless. The project is estimated to generate $$1\mathrm{.}645$ million in annual sales, with annual costs of $$0\mathrm{.}61$ million.

Suppose that management applied the payback rule to your projected cash flows and decided to move forward with the project. Management would like to finance the project over three years. The company's bank has presented two options:

A three$-$year amortized loan with equal quarterly payments made at the end of each quarter, with an interest rate of $10\%$ APR.

A three$-$year amortized loan in which the company pays interest at the rate of $11\%$ APR, plus equal principal payments, at the end of each quarter.

Create a new tab in your worksheet and prepare two amortization schedules $-$ similar to the ones shown on page $149$ of the textbook $-$ showing each quarterly payment over the term of the loan, the principal and interest portion of each payment, and the beginning and ending balances. Keep in mind that loan interest rates are subject to change, and it would be useful to have the ability to vary the interest rates on both loans $($i$.$e$.,$ treat the interest rates as input parameters$).$