*IN EXCEL ONLY* For Part 1-5: follow the best practices for model creation (formatting, separating the variables from the main table, etc.) create loan amortization tables for loans with the following characteristics:

Loan Amount: 24000 Annual Interest Rate: 0.06 Number of Payments Per Year: 2 Loan Period in Years: 12

*IN EXCEL ONLY* Part 1: For an equal payment term loan (such as a mortgage), what would be the interest-only portion of the third payment (Rounded to nearest dollar)?"

a. 678

b. 720

. 660

d. 452

*IN EXCEL ONLY* Part 2: For an equal payment term loan (such as a mortgage), What is the loan balance at the end of the third payment (rounded to nearest dollar?

a. 21845

b. 22585

. 23303

d. 21000

*IN EXCEL ONLY* Part 3: What is the EAIR for the equal payment loan? (2 decimal places, eg xxxx%"

a. 0.0609

b. 0.0592

. 0.0644

d. 0.06

*IN EXCEL ONLY* Part 4: For an equal amortization loan (NOT like a mortgagel), what is the total payment in period 3? "

a. 1660

b. 1000

. 1720

d. 1417

*IN EXCEL ONLY* Part 5: For an equal amortization loan, what is the amount of interest paid in the third payment?"

a. 600

b. 720

. 660

d. 452

Thank you :)