2 Must use Excel Formulas to answer the questions whenever is possible Consider a 10 year mortgage with equal monthly payment. Loan amount $109,200.00 Interest Rate (APR) 3.50% a. What is the monthly mortgage payment? b. Build the amortization Table from the beginning to the end of the loan. c. If you would like to payoff the loan after 2 years (After the mortgage payment of month 24), how much you need to payoff the loan? d. You also consider the offer from the bank which allow you to buy 1 point so that to low the interest rate to 3.20% APR. Should you buy the point if you do have the spare cash to do so (show the detail work)? And why? Monthly payment 10 pts S pts 10 pts b. Report Amortization Table Below 10 pts Leanencing Period Lean beginning balance Payment Interest Principal payment payment balance 1 21 22 3 4 5 24 25 6 7 27 28 10 11 12 13 30 31 32 14 2 Must use Excel Formulas to answer the questions whenever is possible Consider a 10 year mortgage with equal monthly payment. Loan amount $109,200.00 Interest Rate (APR) 3.50% a. What is the monthly mortgage payment? b. Build the amortization Table from the beginning to the end of the loan. c. If you would like to payoff the loan after 2 years (After the mortgage payment of month 24), how much you need to payoff the loan? d. You also consider the offer from the bank which allow you to buy 1 point so that to low the interest rate to 3.20% APR. Should you buy the point if you do have the spare cash to do so (show the detail work)? And why? Monthly payment 10 pts S pts 10 pts b. Report Amortization Table Below 10 pts Leanencing Period Lean beginning balance Payment Interest Principal payment payment balance 1 21 22 3 4 5 24 25 6 7 27 28 10 11 12 13 30 31 32 14