You have clients who are in the market for a new car and real estate. Both purchases require loans.

The car purchase will be for an Electric Vehicle (EV). The cost of the vehicle is $60000. This includes all taxes. They plan on paying 10% down and will require a loan for the rest. The loan will be for 5 years with an interest rate of 10%.

Calculate the following: monthly payments, and total interest on the loan.

Create a loan amortization table.

The real estate purchase is for a detached home in Hamilton, Ontario for $1000000. A down payment of $100000 will be required with the remaining amount to be financed with a five-year mortgage amortized over 25 years at a rate of 6%.

Calculate the following: monthly payments, total interest, and principal paid after five years, and the balance remaining

Create a loan amortization table.

All work should be submitted in a word document.

A spreadsheet should be provided for the amortization table.