On January 1, 2020 the Mazumder Abdullaah Company borrows $170,000 cash by signing a 2-year, 6%, installment note, with quarterly interest payments. 1) Calculate the amount of each payment using the PMT function. 2) Prepare the amortization schedule for the loan. Enter a valid Excel formula or function in each of the yellow cells below. Formulas must refer to cell address(es). Entering a value will be marked as incorrect. Loan amount $170,000 Term (years) 2 Annual interest % 6% Payments per year 1) What is the amount of each quarterly loan payment? The PMT function must be used, and formula must return a positive value. 2) Complete the amortization schedule for this note. All formulas must return a positive value. Credit Cash Quarterly Interest Period Beginning Balance Debit interest Expense Debit Notes Payable Ending Balance 9 1 22 23 24 25 26 27 28 29 30 31 32 33 Mazumder Abdullaah wants to buy a home, and is considering several financing options. Mazumder plans to borrow $290,000 with monthly payments. 1) Calculate the amount of each mortgage payment using the PMT function. 2) Calculate the total amount of mortgage payments and 3) the total amount of interest paid over the term of the mortgage under the following financing options. Enter a valid Excel formula or function in each of the yellow cells below. Formulas must refer to cell address(es). Entering a value will be marked as incorrect Mortgage amount Payments per year $290,000 12 Financing Option Term (years) Annual interest rate 1) Monthly payment 2) Total payments over term 3) Total interest paid over term 15 15 20 30 8.0% 7.0% 7.5% 9.0% Instructions Loans PMT Mortgage PMT Car PMT Mazumder Abdullaah wants to buy a car and is considering several financing options. The car Mazumder wants to buy costs $27.000. 1) Calculate the amount of each monthly car payment using the PMT function 2) Calculate the total amount of the car payments and 3) the total amount of interest paid over the term of the loan under the following financing options. Enter a valid Excel formula or function in each of the yellow cells below. Formulas must refer to cell address(es). Entering a value will be marked as incorrect. Amount financed Payments per year $27,000 12 Financing Option Term (years) Annual interest rate 1) Monthly payment 2) Total payments over term 3) Total interest paid over term 1 2 3 4 3 4 5 6 8.0% 7.0% 7.5% 9.0%