The question is in the attached documents. I need to answer the questions and then plug in numbers into the excel file.

Assignment #1 FIN 320: MANAGERIAL FINANCE Paying off your first Palace house When Julies and Patty Bakery were \"house hunting\" 5 years ago, the mortgage rates were pretty high. The fixed rate on a 30-year mortgage was 6.75% while the 15-year fixed rate was at 6%. After walking in and out through many homes, they finally reached a consensus and decided to buy a $150,000 two-story house in an up and coming suburban neighborhood in the East Area. To avoid prepaid mortgage insurance (PMI), they had to borrow from family members and come with 20% down payment and the additional required closing costs. Since Julie and Patty Bakery had already accumulated significant credit card debt and were still paying off their colleges loans, they decided to opt for lower 30-year mortgage payments, despite its higher interest rtes. Questions: 1. What are Julie and Patty's monthly mortgage payment under 30-year mortgage, interest payment for each month, and ending balance for each month over 360 months 2. Had the couple opted for the 15-year mortgage, how much higher would their monthly payment be? What are the monthly payment, interest payment for each month, and ending balance for each month over 180 months. 3. What can you conclude regarding the 30-year mortgage vs. 15- year mortgage? Compare the monthly payment and total interest paid for 30-year mortgage vs. 15-year mortgage? Instructions: 1. Show all necessary calculations in Tables provided in excel spreadsheet. 2. Attach all calculations and tables to this project. You need to reformat to make sure you print out the whole table 3. Provide all written answer in details and your summary for each question in a report format as if you present the report to your client. You need to support your report with numbers. The report should not be more than 2 pages double space. Do not provide a write-up by answering each question. Prepare a write-up of your report not more than 2 pages 12 points font and double space. The write-up should be a report format, summarizing all your findings and support your findings with numbers (using the questions asked as a guideline to form the report format). There is no need to explain the calculation in the report. The report should contain the main Tables 1 and 2. Attached all data and calculation to the end of project. The report should contain introduction, body, and conclusion. Introduction should state the purpose of the paper. The body should include your findings in words with the support of tables and graphs if needed. The conclusion should summarize your key findings. 1 Table 1: 30-Year Mortgage Month 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Beginning Balance Monthly Payment Interest Principal Reduction 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 Total Ending Balance Table 2: 15-Year Mortgage Month 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Beginning Balance Payment Interest Principal Reduction Ending Balance 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 Total