What formulas would I use to get the information asked for? and what formulas would I use to get 22-25? Thank you! Will Thumbs Up

A H I J 1 B D E F Build a model to track the balance from making monthly payments on a loan of $100000 over 15 years. Assume an interest rate of 4.5% (stated as an EAR). Build a second model to track the balance from making monthly payments on a loan of $100000 over 8 years. 2 3 4 5 6 7 7 Initial Balance Interest Rate Years Alt. Years Lookup Month $100,000 4.5% 15 8 53 Your answer 22 23 24 25 Use your models to answer the following questions: What is the interest expense in the first month? What is the total interest expense for the 15 year loan? What is the total interest expense for the 8 year loan? What is the beginning balance of the 8 year loan in month 53? Correct Answer $367.48 $36,870.20 $18,855.80 $50,214.58 8 9 10 11 15 - Year Loan 8 - Year Loan Beginning Balance Month Interest Expense Payments Ending Balance Beginning Balance $100,000 $95,189 Interest Expense $4,500 Payments $9,311.38 Month 1 2 3 Ending Balance $95,188.62 4 5 6 6 7 7 8 9 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 10 12 13 14 15