Scenario 1-Vanilla You are a loan officer and your next client is Sandra Patterson. Sandra wants to borrow $200,000 from the bank at 6 percent interest compounded monthly to be repaid over thirty (30) years. Workings illustrating the payment to be paid monthly Amortization table for first 12 months Answers to the following questions: (i) Principal paid in the first month? (ii) Balance at the end of the 3rd month? (iii) Amount of interest in the last installment? (iv) Total interest paid? Scenario 2-Pre-Payment What would the new amortization table look like if Sandra decides to make additional payments on the principal of $1000 for the first four years? Then what would be the answers to these questions: (i) Principal paid in the first month? (ii) Balance at the end of the 3rd month? (iii) In what month will Sandra make your final payment? (iv) What is the amount of the final payment? (v) What is the total interest paid? (vi) What is the difference in interest paid between Scenario 1 and 2? (vii) What is the advantage of the strategy proposed? Scenario 3-Downpayment on Vanilla and Pre-payment Scenarios Assume after explaining Scenario 1 and 2 to your boss, they recommend that Sandra make a down payment of $50,000, thereby reducing the loan to $450,000. Now repeat Scenario 1 and 2, each with this new loan amount, and answer all associated questions.