Two partners have decided to acquire a more extensive manufacturing facility. One of the partners researched and found a factory selling for $25 million. The partners went to a local bank to discuss the mortgage options for the factory. The bank managers provided the following offers:

Offer 1 30-Year Mortgage to be repaid in equal monthly installments No Closing costs 5.7% APR

Offer 2 20-Year Mortgage to be repaid in equal monthly installments No Closing Costs Exact APR with the previous offer

The following tasks are required:

1- What are the monthly payments for a 30-year traditional mortgage? What are the payments for a 20-year traditional mortgage?

2- Prepare an amortization table for the first six months of the traditional 30-year and 20-year traditional Mortgage. How much of the first payment goes toward the principal? How much is the total payment for the first six months for a 30-year and 20-year Traditional Mortgage?

please, show your answers by using excel step by step in detail