Down Payment: This is the $ amount you will put$-$down at the time you purchase the building. The bank recommends paying between $10\%$ and up to $20\%$ up front to help keep the pay back amount lower. The difference between the building purchase price and the down payment is the Loan Value $($Face Value of the loan or the amount you have to pay back to the bank$).$ Points: These are the additional bank charges on a loan depending on the customer$$s intent to own the building long$-$term $($more than five years$),$ or$,$ short$-$term $($less than five years$).$ Long$-$term loans will have more points which will lower the interest rate. For reference, one$-$point equals $1\%$ of a loan value. So$,$ one point, or$,1\%$ of a $$10,000$ loan is $$100.$ The worksheet has Points in Column E recorded as regular numbers. You can use Column E$$s number values to calculate points in another column without changing any of Column E$$s raw data. Example: E$6$ is a value of $2,$ but when you use it to calculate the points paid to the bank for the loan, you just put a $\%$ sign after the cell reference of E$6,$ or$,$ E$6\%.$ E$6$ is $2,$ but if you use a percentage sign like this: E$6\%$ then becomes $2\%.$ Fees: The additional amounts banks sometimes charge the customer for a loan. These amounts vary by bank and loan type. Typical charges include application fees, appraisal fees, credit report fees, etc. $1.$ Download and save $$Excel Assignment $3$ Raw Data.xlsx$$ as $$YourLastName$\_$Excel Assignment $3.2.$ In the Loan Value column, calculate the Face Value of this loan. The purchase price of the new building is in Cell E$2.3.$ In the Monthly Payment column, calculate the monthly payment for this loan amount based on the loan value you just calculated. Use the corresponding loan duration, and nominal interest rate indicated. Assume that the loan is completely paid off at the end of this duration. The number of compounding periods per year is given in cell E$3.4.$ In the Actual Amount Borrowed column, calculate the actual amount you will borrow, subtracting the points and fees from the loan value. $5.$ When banks charge interest $($which is in most cases$)$ it is called the APR of the loan$$the annual percentage rate of interest. However, different banks calculate APR in different ways, including or excluding different fees. You will calculate the APR based on the actual amount borrowed $($Instruction #$4).$ Use this amount as the present value of the loan, the monthly payment you calculated, and the corresponding loan duration to calculate an actual annual interest rate $($APR$).6.$ In the Payment with Balloon column, use Column C$,$ nominal interest rate, and loan value $($column G$)$ to determine the monthly loan payment if you altered the loan to include an $$8,000$ balloon payment at the end of the loan. You must put enter the $$8,000$ balloon payment in Cell E$4($hint: this is a balloon payment value so its use in the payment function does matter!$)$ Periods Per yearAnnual Interest Rate $($RATE$)$Duration in Years $($NPER$)$Periodic Payment $($PMT$)$Present Value $($PV$)$Future Value $($FV$)\backslash$begin$\{$tabular$\}\{|$l$|$l$|$l$|$l$|$l$|$l$|$l$|\}$

$\backslash$hline $\backslash$multicolumn$\{7\}\{|$c$|\}\{$COFFEE SHOP FINANCING OPTIONS$\}\backslash \backslash$

$\backslash$hline OPTION & Periods Per Year & Annual Interest Rate $($RATE$)$ & Duration In Years & Periodic Payment $($PMT$)$ & Present Value $($PV$)$ & Future Value $($FV$)\backslash \backslash$

$\backslash$hline $1$ & & & & $\backslash$$ $\backslash ((19,150)\backslash )$ & & $\backslash \backslash$

$\backslash$hline $2$ & & $7\mathrm{.}4\backslash \%$ & & & & $\backslash \backslash$

$\backslash$hline $3$ & & & & & & $\backslash$$ $236,984\backslash \backslash$

$\backslash$hline $4$ & & & & & $\backslash$$ $118,509$ & $\backslash \backslash$

$\backslash$hline $5$ & & & & & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$