You are a financial consultant andneed to provide information toa client who would like to renew his mortgage. The loan amount is $462,000 and the new mortgage agreement will start on Oct 1, 2020.

Provide your client with 3 different options:

Calculate what hismonthly paymentswould be if the loan was amortized over the following terms:

a.10 years

b.20years

c.25years

Use a bank's special mortgage rate of 2.16% (that isthe annual percentage rateandwill not change over the amortization period).Calculatethetotalinterest amount paidat the endof amortization terms.Calculate monthly interest payment and monthly principal payment for each options.

The project must be completed on an Excel worksheet. The worksheet needs to contain variable data such as monthly payment, constants such as interest rate, and calculations using proper Excel functions. Use cell references (absolute, relative or mixed references) appropriately and include all formulas.

In order to obtain full marks, your worksheet needs to satisfy the evaluation criteria:

Presentable layout of your worksheet

Use ofExcel Functions

Reflective summary:use thetwo given questionsas a guide when writing up your project reflections.

1.Explain your understanding of the Excel PMT functionin this project.

2.What were your three strategiesin order to complete the project?