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You are planning to buy a parcel of land costing $ 3 , 7 5 0 , 0 0 0 . You have saved $

You are planning to buy a parcel of land costing $3,750,000. You have saved $1250000 as a down payment. You plan to borrow the balance from your building society at a rate of 13.5%, to be repaid annually over a 6-year period. The first payment is to be made immediately
a) Using Excel, compute the annual payment
b) Using Excel, prepare the amortization schedule
c) If you elected to pay off the balance of the loan at the end of the fourth year, how much would you have to pay?
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