You are going to invest in a new shop. Your bank will loan you money for the equipment and place but asks you to provide a 10% down payment based on the estimate of their financial analyst. The total amount of investment is $500,000 and the annual interest rate of the loan (APR) is 3%. You will pay this loan in 7 years by equal monthly payments. Open a worksheet and title it, "option 1".. Format this worksheet by separating the data and formulas. On top of the worksheet list and properly label the loan you receive, APR, number of periods/year, number of years, and future value of the loan. Create columns of monthly interest and principal payments. Use proper formulas to calculate these values. Add another column to calculate the loan balance for each month. Create a table to calculate and list the cumulative interest and principal for each year. Assignment 9 Rubric Item Points Reference cells entered and no number in any formula 2 Amortization tables for both options work: Interest, principal, and the remaining balance Annual cumulative values correctly calculated for loan. 3 Monthly payment listed 1 Total 10 You are going to invest in a new shop. Your bank will loan you money for the equipment and place but asks you to provide a 10% down payment based on the estimate of their financial analyst. The total amount of investment is $500,000 and the annual interest rate of the loan (APR) is 3%. You will pay this loan in 7 years by equal monthly payments. Open a worksheet and title it, "option 1".. Format this worksheet by separating the data and formulas. On top of the worksheet list and properly label the loan you receive, APR, number of periods/year, number of years, and future value of the loan. Create columns of monthly interest and principal payments. Use proper formulas to calculate these values. Add another column to calculate the loan balance for each month. Create a table to calculate and list the cumulative interest and principal for each year. Assignment 9 Rubric Item Points Reference cells entered and no number in any formula 2 Amortization tables for both options work: Interest, principal, and the remaining balance Annual cumulative values correctly calculated for loan. 3 Monthly payment listed 1 Total 10