Solve Using excel spreadsheet:

A young couple take out a 30-year home mortgage of $134,000.00 at 8.7% compounded monthly. They make their regular monthly payment for 5 years, then decide to up their monthly payment to $1,250.00.

A. What is the regular monthly payment? Correct answer: $1049.40

B. What is the unpaid balance when they begin paying the accelerated monthly payment of $1,250.00?

C. How many monthly payment of $1,250.00 will it take to pay off the loan?

D. How much interest will this couple save?