Spreadsheet Application: Travel Loan Facility 6-42. A new aspect of the business has been added to Campus Travel. Students can apply for a loan to help pay for their travels. However, loans for travel are available only to students who are traveling outside the country for at least two weeks. Since the costs for this type of international travel differ depending on how you travel, where you stay, and what you do at the destination, different loan packages are available. For a month in Europe, you have decided to take out a loan. You have already taken a look at several offers but are unsure whether you can afford it. Set up a spreadsheet to calculate the payments per month for the following situations: Two weeks in Eastern Europe; Price: $2,000; Interest Rate: 5.5%; Time: one year Two weeks in Western Europe; Price: $3,000; Interest Rate: 6.0%; Time: one year Three weeks in Eastern Europe; Price: $3,000; Interest Rate: 6.5%; Time: two years. Three weeks in Western Europe; Price: $3,500; Interest Rate: 5.5%; Time: two years Four weeks in Eastern Europe; Price: $4,000; Interest Rate: 6.0%; Time: two years Four weeks in Western Europe; Price: $5,000; Interest Rate: 6.5%; Time: three years Once you have calculated the payments, calculate the total amount to be paid for each option as well as the total interest you would pay over the course of the loan. Make sure to use formulas for all calculations and print out a professionally formatted page displaying the results and a page displaying the formulas. (Hint: In Microsoft Excel, use the "PMT" function in the category "Financial" to calculate the payments. Use Ctrl+` [grave accent] to switch between formula and data views; calculate the number of payments before using the formula.)