Question: *Please show Excel document and calculations* 1. Create the amortization spreadsheet and answer the following questions for a $350,000 15-year fixed-rate, constant-payment mortgage loan that

*Please show Excel document and calculations*

1. Create the amortization spreadsheet and answer the following questions for a $350,000 15-year fixed-rate, constant-payment mortgage loan that is partially-amortizing with a balloon payment of $100,000. The contract interest rate is 4% with monthly payments. Up-front discount points on the loan are 4%, and there is a 1% pre-payment penalty. a) What is the APR (annual percentage rate) on the loan assuming that there is no early prepayment on the mortgage? b) What is the EAR (effective annual rate) on the loan if it prepaid at the end of year 7? c) What is the monthly mortgage payment during month 160? d) How much cumulative interest is paid during the 14th year of the mortgage?

*Please show Excel document and calculations for the first 4 rows******Please show Excel document and calculations* 1. Create the amortization spreadsheet and

4.00% APR Rate Term Amount 15 years Points Pre-pay penalty Balloon $350,000 $100,000 4.00% EAR 1% Partial-amortizing Cash flows Principal End balance Month Beg balance 1 Payment Interest 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

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