For this assignment you are required to create two loan amortization schedules. However, after you create the first one, you can simply just copy and paste to add rows for the second schedule.

$1.$Create a loan amortization schedule using Excel for a $$17,500$ car loan that will be repaid over $60$ months at an annual interest rate of $5\mathrm{.}0\%.$

a$.$ What is your monthly payment?

b$.$ What is the total amount of payments made over the life of the loan

$2.$ Create a loan amortization schedule using Excel for a $$225,000$ mortgage that will be repaid over $30$ years with monthly payments. The annual interest rate is $7\mathrm{.}2\%.$

a$.$ What is your monthly payment?

b$.$ What is the total amount of payments made over the life of the loan?

c$.$ How many years will it take to pay off the loan if you pay an extra $$125$ per month?

Answer the above questions on your spreadsheet. Please put the two schedules on separate tabs$.$