)You want to buy a flat which is sold for TL620000 cash. Instead, the seller offers you a chance to make 1/10of the payment now and the restin threeannual installments with an interest rate of 12%.a)Please show the situationafter the initial payment,in timeline and equation form.(8pts)b)What is the amount of each payment?Please calculate in excel. Write the excel formula.(4pts)c)Fill in the amortization table below. (8pts)PeriodAnnual InstallmentAnnual Interest PaymentAnnual Principal PaymentRemaining Debt