create an excel spreadsheet for number 14. Would it be possible to upload a table with Formulas for cell reference? (determine the monthly payments during years 1-5 and each year's ending balance).

thanks.

our monthly payments for this loan 14. An adjustable-rate mortgage (ARM) ties monthly payments to a rate index (say, the US T-bi ll rate). Suppose you borrow $60,000 on an ARM for 30 years (360 monthly payments). The first 12 payments are governed by the current T-bill rate of 8 percent. In years 2-5, monthly pay- ments are set at the year's beginning monthly T-bill rate + 2 percent. Suppose the T-bill rates at the beginning of years 2-5 are as follows: Beginning of year T-bill rate 10 percent 13 percent 15 percent 10 percent Determine the monthly payments during years 1-5 and each year's ending balance