Question: Excel Assignment 2: Creating Loan Amortization Schedules For this assignment you are required to create two loan amortization schedules using Excel. After you create the

Excel Assignment 2: Creating Loan Amortization Schedules For this assignment you

Excel Assignment 2: Creating Loan Amortization Schedules For this assignment you are required to create two loan amortization schedules using Excel. After you create the first one, you can simply copy and paste to add rows for the second schedule. Create a loan amortization schedule similar to the one illustrated in Chapter 4 on page 70. There is also an instructional video for you to watch on Canvas. 1. Create a loan amortization schedule for a $27,000 car loan that will be repaid over 36 months at an annual interest rate of 6%. a. What is your monthly payment?_\$\$ b. What is the total dollar amount of payments made over the life of this loan? c. What is the total dollar amount of interest paid over the life of this loan? $ d. How many months will it take to pay off the loan if you pay an extra $100 per month? 2. Create a loan amortization schedule for a $275,000 mortgage that will be repaid over 20 years with monthly payments. The annual interest rate is 5.5%. a. What is your monthly payment? b. What is the total dollar amount of payments made over the life of this loan? c. What is the total dollar amount of interest paid over the life of this loan? $ d. How many months will it take to pay off the loan if you pay an extra $100 per month

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