Meals for the Homeless $($MH$)$ borrowed $$37,500$ to buy kitchen equipment. They find Valley Bank offers a $7\mathrm{.}75\%$ interest rate on a $10$ year loan. MH find State Bank offers a $7\mathrm{.}25\%$ interest rate on a $7$ year mortgage. Both banks require annual payments to repay the loan.Task:In Excel, in one spreadsheet $($tab$),$ calculate how much the organization will pay each bank, including interest and principal each year. Next, add a tab and label the tab amortization and create two amortization tables, one for each bank for this problem. What bank would you recommend using?

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To calculate the annual payments and create amortization tables for both Valley Bank and State Bank ... View the full answer