2. The Smith family is planning for their daughters education. She just turned 5 years old and will be 18 when she starts university. They are planning to make monthly deposits of $300 into an RESP (Registered Educational Savings Program). Deposits are made at the end of each month. They anticipate that they can earn a return of 4.8% APR compounded monthly on their RESP. When their daughter starts university, she will withdraw $20,000 to pay for her 1st year. The balance will be paid out at the end of each year (end of 1st, end of 2nd and end of 3rd) in equal amounts to pay for the subsequent years. During those 3 years the Smiths hope that the account will earn 6% APR compounded annually.
3. 1. Draw the timeline for the Smith family planning for their daughters education over 16 years.

Julie has returned from her overseas posting and taken a total of $30,000 in savings and used it for a down payment on a house. The house costs $285,000, so the remaining $255,000 will be financed through a mortgage (loan) with her bank. She will be making bi-weekly payments over 25 years at 3.25% to pay off the mortgage.

1. ] Construct an Excel spreadsheet and amortization table for the above question. Your spreadsheet should be laid out similar to the example in the screenshot below.