Include your amortization table on one sheet $(30$ points$)$ and your answers to the following $7$ questions on a different sheet $(70$ points$)$ within the same Excel file. Your amortization table should be set up so that if the assumptions change your table updates appropriately. The assumption cells should be clearly identified $($e$.$g$.$ yellow$).$ Grades will not be posted until everyone in your group has completed the peer evaluation or the due date has passed whichever is sooner.

Scenario: $10$ years ago, Janice got a $$300,000,30-$year mortgage with an annual interest rate of $6\%$ and monthly payments.

$1)$ What is her monthly payment?

$2)$ How much does she owe today $($after $120$ payments$)?$

Janice is planning to move in $2$ years.

$3)$ How much will she owe in $2$ years $($after $144$ payments$)?$

Option $1$: Janice is considering making an extra payment of $$250$ each month for the next $2$ years.

$4)$ How much will she owe in $2$ years $($after $144$ payments$)$ if she makes an extra $$250$ payment every month starting with her next payment $($payment $121)?$

Option $2$: Janice is considering refinancing the remaining balance on her loan $($your answer to $2)$ along with $$3,000$ in closing costs into a new $20-$year mortgage with an annual interest rate of $4\%$ and monthly payments.

$5)$ What would her monthly payment be with the new mortgage?

$6)$ How much will she owe in $2$ years on her new mortgage?

$7)$ Which option $(1$ or $2)$ do you think would be best? Explain.