I am working from the 4th edition of Corporate Finance Core Principles and Applications by Ross Westerfield Jaffe and Jordan. I have been asked to review and answer the MBA decision in Chapter 4 (pages 127-128). Despite looking through the chapters I have no idea how to do the math on this problem. The basis of the case: Ben graduated from college 6 years ago. He has a current job but would like to get a MBA. He is looking at 2 programs, both of which do not allow him to work while enrolled (he is encouraged to have internships but they cannot be paid). He currently works at East Coasts Yachts and makes $53,000 per year. This salary is expected to increase at 3% per year until retirement. He is currently 28 years old and expects to work for another 40 years. His current job includes a fully paid health insurance plan and his current average tax rate is 26%. He has a savings account to cover the entire cost of his MBA program.The Ritter MBA program is one of the top in the country. It requires 2 years of full-time enrollment. Annual tuition is $58,000, payable at the beginning of each school year. Books and other supplies are estimated to cost $2,500 per year. He expects after graduating from Ritter he will recieve a job offer of $100,000 per year with a $15,000 signing bonus. The salary at this job will increase at 4% per year. Because of the higher salary his tax rate will increase to 31%. The Bradley MBA program is smaller and less known but offers an accelerated 1-year program with a tuition cost of $71,000 to be paid upon matriculation. Books and other supplied for the program are expected to cost $3,500. Ben thinks that after graduating from Bradley he will receive an offer of $88,000 per year with a $12,000 signing bonus. The salary at this job will increase at 3.5% per year. His average tax rate at this income will be 29%. Both schools offer health insurance plans that will cost $3,000 per year payable at the beginning of the year. Ben estimates his room and board expenses will cost $2,000 more per year at both schools then his current expenses, payable at the beginning of each year. The appropriate discount rate is 6.5%. Assume all salaries are paid at the end of each year.

Question to be answered:

6: Suppose that instead of being able to pay cash for his MBA, he must borrow the money. The current borrowing rate is 5.4%. How would this affect his decision to get an MBA?

If the easiest way to do this math is via Excel if you could please walk me through how to do it via excel I would greatly appreciate it!