Pretend that we need to borrow $350,000 for a home so we take out a loan for this amount using a 30 -year fixed rate of 7\% APR compounded monthly. Now consider the following strategy (this is actually what I did... until I refinanced, but I still pay extra every month like I describe below). Pretend that we pay: - Pretend that we pay an EXTRA $50 a month for the first year of the mortgage (that is we pay an extra $50 in addition to the minimum regular monthly payment for the 30-year loan the bank requires of us. For example, if our minimum regular payment is $500, we would pay $550 every month. Btw $500 is NOT our minimum regular monthly payment. This is just an example but some students use $500 and get the wrong answer so don't be like those students) - Then pretend that we pay an EXTRA \$150 a month for the second year of the mortgage (For example, if our minimum regular payment is $500, we would pay $650 every month) - Then pretend that we pay an EXTRA $350 a month for the third year of the mortgage (For example, if our minimum regular payment is $500, we would pay $850 every month) - And finally pretend that we then pay an EXTRA $500 a month for the fourth year of the mortgage and beyond until the loan is paid off. (For example, if our minimum regular payment is $500, we would pay $1000 every month) 5. Use the info above about this creative repayment strategy. Create an amortization schedule spreadsheet on a new tab or two (like we did for our Finance HW 4) for the given 30-year fixed rate mortgage where we pay off our loan in the creative way described. (use columns: \# of Months; Payment for Month; Interest for Month; Balance Remaining). Now answer the following Qs. Screenshot in your support from Sheets or Excel like you did in the Finance HW 4. a. How long does it take to pay off the loan using the creative strategy? b. How much sooner do you pay off the loan than a normal 30-year loan repayment strategy? c. Find the total amount of interest paid using the creative repayment strategy. d. How much money do you save using this creative strategy compared to a normal 30year loan repayment strategy? (use the Interest Column to make the comparison) e. What are the advantages of using this strategy