You are looking to do an addition to your home and anticipate taking a loan to pay for it. The proposed cost of the improvements is $35,000.00. After speaking with the bank, you can obtain an 8 year loan at 6% annual interest. Using the interest rate charts is acceptable, if applicable. Prepare an amortization chart, similar to the one discussed in class, for the loan if it is paid back on a yearly basis. Show all calculations (separate from the table) for the yearly loan payment, interest paid and principal paid. Show the sums for all interest, principal and yearly payments made. Adding a column for cumulative monthly principal payments is helpful. (Answers: Yearly Loan Payment = $5,636.26; Total Interest Paid: $10,090.06; Total Principal - $35,000.00; Total Paid = $45,090.06) 3B In a separate calculation, what would the monthly loan payment be if you decided to make monthly payments instead? What is the total amount paid on the loan? What is the total principal paid? What is the total interest paid on the loan? Show all calculations. No need to do an amortization chart for the monthly option. (Answers: Monthly Loan Payment $459.95; Total Interest Paid: $9,155.21; Total Principal - $35,000.00; Total Paid $44,155.21) Amortization Table sample n Interest Payment $750.00 Principal Payment $741.58 Yearly Payment $1491.58 1 2 $638.76 $852.81 $1491.58 3 $510.84 $980.74 $1491.58 4 $363.73 $1127.85 $1491.58 5 $194.55 $1297.02 $1491.58 Totals $2457.89 $5000.00 $7457.89