O-the-Plan Option: A real-estate agent told you that as a rst-time homeowner, your friend will be eligible to receive a rst home owner's grant of $10,000 if you buy a brand new apartment. Luckily, there is a development project oering a new apartment that is almost the same as the one that your friend likes, and it also priced at $560,000. However, this new property is currently selling as 'o-the-plan' ('o-the-plan' means a property that hasn't been built yet). It will be exactly two years before your apartment settles. For an o the plan purchase, you will be paying 10% deposit when you sign the contract with a developer (you will sign it today) and the remaining balance will due on the settlement date. Your 10% deposit with the developer will be earning an interest at 4% p.a. (compounded monthly). Let's assume on the settlement date. You decide to pay another 10% of the purchase price. The $10,000 grant will be credited to your saving account on the settlement date (for easy calculation purposes) and you will use it to pay o your mortgage. The remaining balance will be nanced by the mortgage, where the rst repayment happens one month after the settlement date. The application fee for this loan is $3,000 in cash on the settlement date. You will take out a 30-year mortgage paying a xed at 5% p.a. (compounded monthly). Meanwhile, you will be renting a unit before your apartment is settled. The monthly expense for renting is $880 (due at the beginning of every month, beginning today).

Complete excel worksheets with the complete payment schedules. The payment schedules should show the amount and timing of all payments. Graph, the Interest and Principal, amounts out of the payments across time, in each case. Your Excel le should include all workings, calculations, schedules of payments, and graphs. Formulas for the calculations should have cell references wherever possible.