this is an amortization excel project. so must be done in excel. also please show exactly you you did each question on excel including the formulas used. also please label each answer. and of course please check if all the answers are correct.

thanks

this is an excel amortization assignment that must be done in excel. please look at the instructions. also because add the formulas you ised in excel and lable each question.

2. Howard and Marge bought a business for $91,500. They borrowed the money to buy the business at 6.8% compounded semi-annually and are to repay the debt by making quarterly payments of $3,645. Payments are made at the end of each quarter. a. How many payments are required to repay the loan? b. What is the term of the loan in years and months? c. Prepare a complete amortization schedule for the loan. Make sure your values are rounded (not just cut off) to the nearest cent. Express totals at the bottom of each column as currency. d. What is the principle reduction in the 6" year? e. What is the total cost of financing the debt (total interest expense)? f. If Howard and Marge make a lump sum payment of $14,000 at the end of the fourth year in addition to the regular quarterly payment, by how much is the amortization period shortened? Express your answer in years and months. Create a new amortizations schedule are part of your answer showing the impact of the $14,000 payment at the end of the fourth year in the schedule. BMAT 230 Page 2 of 2 3. Ensure the Excel file has your first initial and last name in the file name. For example if Sidney Crosby submits an assignment the file should be named as follows: BMAT 230 S Crosby.xls 4. The Excel calculations should be set up in a systematic manner. Your set-up must contain a list of the given values, and as many calculated values as possible. Make your Excel spreadsheet as 'active' as possible by using cell references; so that if one value is changed, subsequent calculations will automatically update. Use absolute cell references in special situations. 5. You may choose to use algebraic formulas or Excel functions (both are not required). 6. Submit one Excel document with a separate sheet for each of the two questions. Label each sheet by question number. 7. Formatting of your Excel document is a personal preference; no specific formatting is required. Make it clear, presentable, and professional. Marking Guide - Total Marks 61 Correct Title (see point 3 above) 1 mark Question 1. TOTAL 25 a. Correct answer 3, data section 2 linked data 3 TOTAL 8 b. Correct schedule 4, linked data 3 TOTAL 7 c. Correct answer 2 TOTAL 2 d. Correct answer 3, data section 2 linked data 3 Question 2. TOTAL 35 TOTAL 8 a. Correct answer 3, data section 2 linked data 3 TOTAL 8 b. Correct answer 2, data section 1 linked data 2 TOTAL 5 c. Correct schedule 4, linked data 3 TOTAL 7 d. Correct answer 2, linked data 2 TOTAL 4 e. Correct answer 2 TOTAL 2 f. Correct schedule 4, Correct answer 2, linked data 3 TOTAL 9 Questions: 1. Alma and Bob bought a property valued at $86,000 for $15,000 down with the balance amortized over 20 years. The terms of the mortgage require equal payments at the end of each month. Interest on the mortgage is 3.4% compounded semi-annually and the mortgage is renewable after five years. a. What is the size of each monthly payment? b. Prepare an amortization schedule for the first five year term. Make sure your values are rounded (not just cut off) to the nearest cent. Express totals at the bottom of each column as currency. c. What is the cost of the mortgage (total interest expense) for the first five year term? d. If the mortgage is renewed for a further five years at 4.2% compounded semi-annually, what will be the size of each monthly payment