Solve this Excel sheet using the "IF" function. When necessary, use multiple IF functions and any other functions when necessary. Please write out formulas.

You are asked to build a flexible loan amortization table for your summer internship at the bank. The following is basic information for the loan applicant. Loan amount- $40,000 Term term 48 months Loan rate-8% APR, compounded mounthly Payment starts at the end of each month Extra payment option without penalty: Extra payment $10,000 one time a) Write a flexible program that answers actual laon period with extra payment option exercised In the answer table, list monthly loan schedule: payment, interest payment, principal repayment, balance b) In the output section, find out the period that the remaining balance is below $9000, so the customer can exercise this balloon payment option Note: excel functions such as IF fuction etc are expected in your answer sections. Your output automatically updates when inputs change Input section Output Section loan amount Annual Ratel (APR) Loan Term (months) Extra Payment at the end of month $40,000 8.00% 48 Regular Payment Monthly Rate (Compounded Monthly) Actual Loan Period months 15 Which period can you pay off your balance wi 9000 Extra Payment $10,000.00 S9,000.00 Balance you want to pay off answer section: Repayment 0 Principal Remaining Balance Month Payment Interest ck You are asked to build a flexible loan amortization table for your summer internship at the bank. The following is basic information for the loan applicant. Loan amount- $40,000 Term term 48 months Loan rate-8% APR, compounded mounthly Payment starts at the end of each month Extra payment option without penalty: Extra payment $10,000 one time a) Write a flexible program that answers actual laon period with extra payment option exercised In the answer table, list monthly loan schedule: payment, interest payment, principal repayment, balance b) In the output section, find out the period that the remaining balance is below $9000, so the customer can exercise this balloon payment option Note: excel functions such as IF fuction etc are expected in your answer sections. Your output automatically updates when inputs change Input section Output Section loan amount Annual Ratel (APR) Loan Term (months) Extra Payment at the end of month $40,000 8.00% 48 Regular Payment Monthly Rate (Compounded Monthly) Actual Loan Period months 15 Which period can you pay off your balance wi 9000 Extra Payment $10,000.00 S9,000.00 Balance you want to pay off answer section: Repayment 0 Principal Remaining Balance Month Payment Interest ck