Upon graduation, Steven purchases a new home theater system for his apartment. To finance the system, he "borrows" $$5,000$ from a new credit card at $21$ percent per year compounded monthly. He fully intends to pay off the "loan$$ in $1$ year while making monthly payments.

Develop an Excel table to illustrate the payment amounts and schedule for the loan, assuming payback follows:

a$.$ Plan $1$: Pay the accumulated interest at the end of each interest period and repay the principal at the end of the loan period.

b$.$ Plan $2$: Make equal principal payments, plus interest on the unpaid balance at the end of the period.

c$.$ Plan $3$: Make equal end$-$of$-$period payments.

d$.$ Plan $4$: Make a single payment of principal and interest at the end of the loan period.

e$.$ A different plan: Pay $X in principal at the end of months $1,2,$ and $3$; pay $$2$X at the end of months $4,5,$ and $6$; then $$3$X at $7,8,9$; and finally $$4$X at $10,11,12.$ In addition, pay the accumulated interest at the end of each interest period.

MAKE SURE TO USE EXCEL FOR THIS! SHOW ALL STEPS IN SCREENSHOTS OF EXCEL AND ALL FORUMULAS.

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