Question: Please show your work using Excel to solve the following problems step by step. Homework that doesnt use excel and doesnt show detailed work and

Please show your work using Excel to solve the following problems step by step. Homework that doesnt use excel and doesnt show detailed work and uses formulas will not be graded. Problem 2 Assume the following:

Loan Amount: $100,000 Interest rate: 10 percent annually Term: 15 years, monthly payments

a. What is the monthly payment?

b. What will be the loan balance at the end of nine years?

c. What is the effective borrowing cost on the loan if the lender charges 3 points at origination and the loan goes to maturity?

d. What is the effective borrowing cost on the loan if the lender charges 3 points at origination and the loan is prepaid at the end of year 9?

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