Please show all work in Excel. Please show your two different amortization schedules on this tab and

answer the following questions:

a$.$ monthly payment initially with $6\mathrm{.}70\%$ rate

b$.$ balance owed after $48$ months

c$.$ new monthly payment with new rate of $6\mathrm{.}30\%$

answers should be denoted in the answer boxes

by cell references to the amort schedules

Let's look at what happens when someone refinances a mortgage. The borrower

begins with these terms:

annual interest rate

Exercise $1$

Please show your three different amortization schedules on this tab and

answer the following questions:

a$.$ total interest paid with a $30$ year amortization

b$.$ total interest paid with a $20$ year amortization

c$.$ total interest paid with a $15$ year amortization

answers should be denoted in the answer boxes

by cell references to the amort schedules

Let's compare how much interest a borrower would pay under these different terms using

monthly payments for each:

$\backslash$table$[[$annual interest rate,$6\mathrm{.}35\%],[$amount borrowed,$$320,000]]$

a$.$ term in years $,30$

b$.$ term in years $20$

c$.$ term in years $15$