M Pan & Schedule C. WebAdvisor Book Show Me How Oft 365 Calculator Evaluating alternative notes A borrower has two alternatives for a loan: (1) issue a $300,000, 45-day, 4% note or (2) issue a $300,000, 45-day note that the creditor discounts at 4%. Assume a 360- day year. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the Questions below Open spreadsheet a. Calculate the amount of the interest expense for each option. Round your answer to the nearest dollar. for each alternative b. Determine the proceeds received by the borrower in each alternative Round your answers to the nearest dollar (1) $300,000, 45-day, 4% Interest-bearing note: $ (2) $300,000, 45-day note discounted at 4%:$ c. Alternative 1 is more favorable to the borrower because the borrower receives more cash A day when the d oor s the amount that the borovichochandise trevious Next) er plate - Save Home Insert Data Review View Help Tell me what you want to do Out - to Copy Format Painter Coboard AA = A. 29 Wrap Text Merge & Center B IUR ab % - % 28 Font Alignment AA Evaluating alternative notes The data for two alternatives for a loan are provided in the table below. DATA 5 Number of days per year 360 Alternative 1 $300,000 4% Alternative 2 $300,000 7 8 9 10 Principal amount of note Interest rate Note discount rate Term of note, days 4% 11 Using formulas and cell references, perform the required analysis, and input your answers into the Amount column. Transfer the numeric results for the green entry cells (D15:D17) into the appropriate fields in CNOWV2 for grading. Amount Formulas 15 16 a. Amount of the interest expense for each alternative b. Proceeds received by the borrower under alterative 1 Proceeds received by the borrower under alterative 2 Data