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Loan companies offer a variety of options for consolidating debt. This assignment gives you an opportunity to study such offerings. Here is the problem: Amanda's current debt consists of three types of loans: a bank card, an auto loan and a department store card. She owes a total of $25,000 and her monthly payments sum to $521.77. The amount she owes, the monthly payment and the interest rates appear in the table below: Loan Type Annual Percentage Rate, Loan Amount Monthly (APR) Current Debt Payment Bank Card 18% $10,000 $203.21 Auto Loan 5.5% SI 2.500 $238.76 Department Store Card 15% $ 2.500 $ 79.80 TOTALS S25,000 S521.77 Amanda is having a hard time meeting the monthly payments and is considering consolidating the three loans to reduce her total monthly payments. She has been offered two options. In both cases, she would borrow $25,000 to pay off her existing three loans leaving her with a single loan payment to a loan company. Option A: A $25,000 home equity line of credit based on "7.8% APR annualized over a 10 year term. The loan is amortized at 7.8% with monthly payments of S162.50. This reduces her monthly payments by $359.27. Option B: A $25.000 home equity loan based on "7.8% APR amortized over a 10 year term with monthly payments of $300.68. This reduces her monthly payments by only $221.09. Options Loan Amount $25,000 $25,000 Total Monthly Payment $162.50 $300.68 Annual Percentage Rate, APR 7.896 7.8% Option A Option B T. (15 points) Under option A: After ten years of making monthly payments of $162.50 at 7.8% compounded monthly, what will be her remaining account balance? Use the TVM Solver to find the answer, and round to the nearest cent. NE I PV= PMT FV= P/Y CY PMT BEGIN END Use your work above to find: a) Balance of the account after 10 years of payments (be careful with how you interpret the cash-flow convention, which tells you how much you owe to the bank) b) How much does Amanda pay to the loan company during the 10 years under Option A? How much did she pay in interest, and how much for principal (balance) reduction? II. (15 points) Under option B: After ten years of making the monthly payments of $300.68 at 7.8% compounded monthly, find the remaining account balance; round your answer to the nearest cent N= I= PV- PMT= FV- P/Y C/Y PMT BEGIN END Use your work above to find: a) Balance of the account after 10 years of payments (be careful with how you interpret the cash-flow convention, which tells you how much you owe to the bank) b) How much does Amanda pay to the loan company during the 10 years under Option B? How much did she pay in interest, and how much for principal (balance) reduction? c) What are the main differences between Option A and Option B? List at least three: Option C Assume Amanda rejects both Options A and B and decides to continue making her current monthly payments. a) How many months will it take to pay off each of the original loans? Bank Card TVM Solver N= 1% = PV PMT= FV = P C/Y= Pont End Auto Loan TVM Solver N 1% = PV = PMT= FV PY= C/Y Pmt End Department Store Card TVM Solver N= 1% PV PMT FV P/Y C/Y = Pmt End b) How much in total will she pay for each loan? Put your answers in column 6 in the table below along with the corresponding number of months that she has to pay each loan until it is paid off. What is the grand total amount paid on all three loans? Enter this number in the table also. Loan Type Amount Paid Number of months paying off the loan Bank Card Auto Loan Department Store Card TOTALS APR Loan Amount 18% $10,000 5.5% $12,500 15% $ 2.500 Monthly Payment S203.21 $238.76 $ 79.80 $25,000 S521.77 Grand total paid: IV. (20 Points) Use Excel or your favorite spreadsheet application to write down the amortization schedules for each of these three loans, under option C(pay all loans without a consolidation plan. Include those amortization schedules to your project (you can just copy-paste from excel tables but be careful with how you format your project recall that presentation is part of the project grade) SETH 1310 Class Project: Chapter 6 - Einancial Mail y (20 points). What should Amanda do? Develop a good option D for Amanda. Should she take option A, B or C? Is there maybe a better financial solution for her to become debt free? Advise Amanda on what she should do and explain why your recommendations are good. Be specific and clear in your recommendation (this part of the project is worth 20 points and it should have 2-3 paragraphs): Loan companies offer a variety of options for consolidating debt. This assignment gives you an opportunity to study such offerings. Here is the problem: Amanda's current debt consists of three types of loans: a bank card, an auto loan and a department store card. She owes a total of $25,000 and her monthly payments sum to $521.77. The amount she owes, the monthly payment and the interest rates appear in the table below: Loan Type Annual Percentage Rate, Loan Amount Monthly (APR) Current Debt Payment Bank Card 18% $10,000 $203.21 Auto Loan 5.5% SI 2.500 $238.76 Department Store Card 15% $ 2.500 $ 79.80 TOTALS S25,000 S521.77 Amanda is having a hard time meeting the monthly payments and is considering consolidating the three loans to reduce her total monthly payments. She has been offered two options. In both cases, she would borrow $25,000 to pay off her existing three loans leaving her with a single loan payment to a loan company. Option A: A $25,000 home equity line of credit based on "7.8% APR annualized over a 10 year term. The loan is amortized at 7.8% with monthly payments of S162.50. This reduces her monthly payments by $359.27. Option B: A $25.000 home equity loan based on "7.8% APR amortized over a 10 year term with monthly payments of $300.68. This reduces her monthly payments by only $221.09. Options Loan Amount $25,000 $25,000 Total Monthly Payment $162.50 $300.68 Annual Percentage Rate, APR 7.896 7.8% Option A Option B T. (15 points) Under option A: After ten years of making monthly payments of $162.50 at 7.8% compounded monthly, what will be her remaining account balance? Use the TVM Solver to find the answer, and round to the nearest cent. NE I PV= PMT FV= P/Y CY PMT BEGIN END Use your work above to find: a) Balance of the account after 10 years of payments (be careful with how you interpret the cash-flow convention, which tells you how much you owe to the bank) b) How much does Amanda pay to the loan company during the 10 years under Option A? How much did she pay in interest, and how much for principal (balance) reduction? II. (15 points) Under option B: After ten years of making the monthly payments of $300.68 at 7.8% compounded monthly, find the remaining account balance; round your answer to the nearest cent N= I= PV- PMT= FV- P/Y C/Y PMT BEGIN END Use your work above to find: a) Balance of the account after 10 years of payments (be careful with how you interpret the cash-flow convention, which tells you how much you owe to the bank) b) How much does Amanda pay to the loan company during the 10 years under Option B? How much did she pay in interest, and how much for principal (balance) reduction? c) What are the main differences between Option A and Option B? List at least three: Option C Assume Amanda rejects both Options A and B and decides to continue making her current monthly payments. a) How many months will it take to pay off each of the original loans? Bank Card TVM Solver N= 1% = PV PMT= FV = P C/Y= Pont End Auto Loan TVM Solver N 1% = PV = PMT= FV PY= C/Y Pmt End Department Store Card TVM Solver N= 1% PV PMT FV P/Y C/Y = Pmt End b) How much in total will she pay for each loan? Put your answers in column 6 in the table below along with the corresponding number of months that she has to pay each loan until it is paid off. What is the grand total amount paid on all three loans? Enter this number in the table also. Loan Type Amount Paid Number of months paying off the loan Bank Card Auto Loan Department Store Card TOTALS APR Loan Amount 18% $10,000 5.5% $12,500 15% $ 2.500 Monthly Payment S203.21 $238.76 $ 79.80 $25,000 S521.77 Grand total paid: IV. (20 Points) Use Excel or your favorite spreadsheet application to write down the amortization schedules for each of these three loans, under option C(pay all loans without a consolidation plan. Include those amortization schedules to your project (you can just copy-paste from excel tables but be careful with how you format your project recall that presentation is part of the project grade) SETH 1310 Class Project: Chapter 6 - Einancial Mail y (20 points). What should Amanda do? Develop a good option D for Amanda. Should she take option A, B or C? Is there maybe a better financial solution for her to become debt free? Advise Amanda on what she should do and explain why your recommendations are good. Be specific and clear in your recommendation (this part of the project is worth 20 points and it should have 2-3 paragraphs)