Question: Please answer in Excel format! Consider a 10 year mortgage with equal monthly payment. Loan amount $107,800.00 Interest Rate (APR) 3.50% a. What is the

Please answer in Excel format! monthly payment. Loan amount $107,800.00 Interest Rate (APR) 3.50% a. What is

Consider a 10 year mortgage with equal monthly payment. Loan amount $107,800.00 Interest Rate (APR) 3.50% a. What is the monthly mortgage payment? b. Build the amortization Table from the beginning to the end of the loan. c. If you would like to payoff the loan after 2 years (After the mortgage payment of month 24), how much you need to payoff the loan? d. You also consider the offer from the bank which allow you to buy 1 point so that to low the interest rate to 3.20% APR. Should you buy the point if you do have the spare cash to do so (show the detail work)? And why? ANS: a. Monthly payment 10 pts C. 5 pts d. 10 pts b. Report Amortization Table Below 10 pts Interest Principal Loan ending payment payment balance Period Loan beginning balance Payment 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Consider a 10 year mortgage with equal monthly payment. Loan amount $0.00 Interest Rate (APR) 3.50% a. What is the monthly mortgage payment? b. Build the amortization Table from the beginning to the end of the loan. c. If you would like to payoff the loan after 2 years (After the mortgage payment of month 24), how much you need to payoff the loan? d. You also consider the offer from the bank which allow you to buy 1 point so that to low the interest rate to 3.20% APR. Should you buy the point if you do have the spare cash to do so (show the detail work)? And why? ANS: a. Monthly payment 10 pts C. 5 pts d. 10 pts b. Report Amortization Table Below 10 pts Interest Principal Loan ending payment payment balance Period Loan beginning balance Payment 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Instruction Problem 1-must answer first Problem 2 Problem 3 Problem 4 Problem 5

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