J&J Cattle has purchased a quarter section of land for $160,000. They make a down payment of $20,000, and the remainder of the purchase price ($140,000) is financed at 15 percent compounded quarterly with quarterly payments over 2 years. Develop an Excel table to illustrate the payment amounts and schedule for the loan, assuming payback follows

Plan 1: Pay the accumulated interest at the end of each interest period and repay the principal at the end of the loan period.

Plan 2: Make equal principal payments, plus interest on the unpaid balance at the end of the period.

Plan 3: Make equal end-of-period payments.

Plan 4: Make a single payment of principal and interest at the end of the loan period. A different plan: Pay off the principal per the table below. In addition, pay the accumulated interest at the end of each interest period.

Quarter	1	2	3	4	5	6	7	8
Principal	$ X	$ 2X	$ 3X	$ 4X	$ 5X	$ 3X	$ 2X	$ X