Solve all the following problems with Excel. Please use formulas in excel to solve. (10 pts) Problem 1 (10 pts) (a) Assume monthly car payments of $700 per month for 4 years and an interest rate of 0.75% per month. 1. What initial principal will this repay? (b) Assume annual car payments of $7000 for 4 years and an interest rate of 8% per year. 1. What initial principal will this repay? (c) Assume monthly car payments of $550 per month for 4 years and an interest rate of 7% per year. 1. What initial principal will this repay? 2. Prepare a loan payment schedule showing the payments and interest for the life of the loan. Problem 2 (10 pts) 1. A 10-year mortgage for $200,000 is issued at a 5% annual interest rate. (a) What is the monthly payment? (b) How long does it take to pay off the mortgage, if $2,500 per month is paid? (c) What is the monthly payment if the interest rate is 0.5% per month? Problem 3 (10 pts). A 10 year bond with a face value of $250,000, stated interest rate of 4% to yield 5%. Interest payments are paid semiannually with a issuance price of $230,513.55. 1 Prepare a bond amortization schedule using the straight line, method 2 Prepare a bond amortization schedule using the effective interest method Please note: For all the above please label your work. Work will be graded on accuracy and the utilization of excel throughout your work.