pls do part B

QUESTION 1 (15 Marks) Assume that a company is currently providing a Loyal Employee Accomodation Loan Fund with a special interest rate of 3.00% per annum, compounded monthly, that is fixed for 12 months. After that period, the loan rate will revert back to their standard nominal interest rate of 4.80% per annum, compounded monthly. A household has borrowed $210,000. The loan (and interest) is to be repaid over the next 15 years. (Assume that the standard interest rate remains unchanged for the term of the loan) PART A: Firstly prepare the loan repayment schedule, but ignore the Loyal Employee Accomodation Loan Fund's special interest rate and instead use the standard nominal interest rate for the whole term of the loan [1] Calculate the monthly repayment P that pays out the loan in 15 years (2 marks) [2] How much interest is paid (in dollars) in the first month? (1 mark) [3] What is the principal remaining (loan balance) after 12 months? (1 mark) [4] How much interest is paid in total? (1 mark) PARI B: Now redo the loan repayment schedule, changing the interest rate to Loyal Employee Accomodation Loan Fund's special interest rate for the first 12 months, and the standard nominal interest rate after that period - but still use the same monthly repayment amount, P, that you calculated in part A for the total duration of the loan. [5] (i) How much interest is paid (in dollars) in the first month? (1 mark) (ii) How much interest is paid (in dollars) in the 13th month? (1 mark) [6] What is the principal remaining (loan balance) after 12 months? (2 marks) Now, adjust the last payment (which will be less than P ) accordingly so that the principal remaining is zero. After making this adjustment, answer the following questions: [7] What is the last payment? (2 marks) [8] In what month is the last payment made? (2 marks) [9] How much interest is paid in total? (2 marks) INSTRUCTIONS Attach your answer file (Excel document) containing your answers to all sub-questions of Question 1 using the text editor document upload option