Here One problem from one of my homework assignments for my finance class. This is supposed to be done in Excel, I would really appreciate how you got to the answers as well so I can cross reference my own work. Thanks

Objective: Time value of money

Please use Excel to solve these questions. You can upload the Excel file on the course web site.

1. Retirement question #1:

You and your family would like to have a $X amount(you pick your dream value) saving at the end of the year you retire. You are planning to retire at the age of Y(pick your retirement age). Given your age today (please specify an age, which doesnt have to reflect your true age), and APY (EAR) is 10.5% per year, please calculate the lumpsum amount you need to deposit today.

Retirement question #2:

You and your family would like to have a $X saving at the end of the year you retire. You are planning to retire at the age of Y. Given your age today (please specify an age, which doesnt have to reflect your true age), APY (EAR) is 10.5% per year, and planning to make $400 monthly deposits, please calculate the lumpsum amount you need to deposit today.

Retirement question #3:

You and your family would like to have a $X saving at the end of the year you retire. Given your age today (please specify an age, which doesnt have to reflect your true age), APY (EAR) is 10.5% per year, and planning to make $400 monthly deposits, and initial deposit of $30000 today, how long does it take to reach your retirement goal? (Hint: Use Nper function)

Retirement question #4:

You and your family would like to have a $X saving at the end of the year you retire. You are planning to retire at the age of Y. Given your age today (please specify an age, which doesnt have to reflect your true age), and planning to make $400 monthly deposits, what rate should you earn annually to reach your retirement goal? (Hint: Use Rate function)

Question #5:

You would like to buy a car with a loan that charges APR of 3.69% per year compounded monthly, (3.69%/12 per month). You borrow $40,000 and promised to pay monthly in 5 years (5*12=60 months). What would be your monthly payments?

Question #6

Your mortgage has 24 years left(24*12 months), and has an APR of 7.151% per year compounded monthly (7.151% /12 per month) with monthly payments of $1,449.

1. What is the outstanding balance? (Hint: Use pv function and use monthly converted value for nper, rate)
2. Suppose you cannot make the mortgage payment and you are in danger of losing your house to foreclosure. The bank has offered to renegotiate your loan. The bank expects to get $149,407 for the house if it forecloses. They will lower your payment as long as they will receive at least this amount (in present value terms). If current 24-year mortgage interest rates have dropped to 4.648% (APR) per year (4.648%/12 per month), what is the lowest monthly payment you could make for the remaining life of your loan that would be attractive to the bank? (Hint: Use PMT function and use monthly converted value for nper, rate)