Jessie just started a new job with a significant increase in salary above what she was earning when she originally negotiated her student loan repayment. The salary increase affords her the opportunity to increase her monthly loan payments, thereby allowing her to retire the debt sooner than originally planned. She has six years remaining in the original payback plan on the loan. The initial loan was for $44,000.00, with an annual interest rate of 3.4% and 10 years monthly payments. With her new salary she can afford a higher monthly payment. She also will be eligible for end-of-year bonuses. Exercises: For the following exercises use named cells or cell references rather than constant values where possible so that your worksheets would be more easily adaptable. Save the file as JessieLoanYourInitials e.g. JessieLoanBG A. Use the concepts and techniques presented in class to create a worksheet containing a loan payment calculator for the initial 10-year loan. Include the Loan Amount, Annual Interest Rate, Term and calculate the Monthly Payment. Name each of these cells appropriately. Be sure to name the cells before using them in formulas. B. Prepare an amortization schedule for the original 10-year loan. C. Highlight on the amortization table the amount Jessie still owes on the loan at the end of 4 years. D. Jessies new salary will allow her to increase her monthly payment to $580.00. On another worksheet create a new loan payment calculator with the new loan amount (i.e. the outstanding balance after 4 years from the previous amortization table), the rate (from the previous worksheet), and the new monthly payment i.e. $580.00. Name the cells appropriately. E. Determine how soon she can retire the student loan debt with the new higher monthly payments. Hint: You could do this by using the NPER function on the new loan that will have the same interest rate but new monthly payment (negative value) and new PV i.e. loan amount. F. Create another amortization table for this new loan G. Jessie earns yearly bonuses of $5,000 at the end of each year. On another worksheet determine when she would pay off the remaining balance on the student loan if she kept the lower monthly payment and used her bonus each time to contribute to the principal payment? Hint: Make modifications to a copy of the original amortization table H. Should Jessie opt for increasing her monthly payment, or keeping the original monthly payment and using her bonus money to retire the debt early? Explain your reasoning. (Type your explanation on the worksheet)