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rcise 2: Let's look at what happens when someone has an adjustable rate mortgage. The borrower will have a fixed rate for the first three years: Exercise 3: Let's look at what happens when someone refinances a mortgage. The borrower begins with these terms: \begin{tabular}{|r|r|} \hline annual interest rate & 6.00% \\ \hline amount borrowed & $380,000 \\ \hline term in years & 15 \\ \hline \end{tabular} a. Prepare the amortization schedule with the initial terms denoted above using monthly payments. You can show a complete 15 year amortization schedule OR Just what is necessary to answer the question. b. and c. After making payments for 48 months, the borrower can refinance the loan with a lower Interest rate of 5.00%. The lender charges a $3,500 fee and the borrower decides to refinance the balance owed PLUS the $3,500 fee. Prepare the amortization schedule for the remaining length of time. Show your work on the Exercise 3 tab. \begin{tabular}{|l|l|l|l|l|l|l} \hline A & B & D & C & F & G & H \\ \hline Exercise 3 & & & & & \\ \hline \end{tabular} Please show your two different amortization schedules on this tab and answer the following questions: a. monthly payment initially with 6.00% rate b. balance owed after 48 months c. new monthly payment with new rate of 5.00% answers should be denoted in the answer boxes by cell references to the amort schedules a. Prepare the amortization schedule with the initial terms denoted above using monthly payments. You can show a complete 15 year amortization schedule OR just what is necessary to answer the question. b. and c. After making payments for 48 months, the borrower can refinance the loan with a lower interest rate of 5.00%. The lender charges a $3,500 fee and the borrower decides to refinance the balance owed PLUS the $3,500 fee. Prepare the amortization schedule for the remaining length of time. rcise 2: Let's look at what happens when someone has an adjustable rate mortgage. The borrower will have a fixed rate for the first three years: Exercise 3: Let's look at what happens when someone refinances a mortgage. The borrower begins with these terms: \begin{tabular}{|r|r|} \hline annual interest rate & 6.00% \\ \hline amount borrowed & $380,000 \\ \hline term in years & 15 \\ \hline \end{tabular} a. Prepare the amortization schedule with the initial terms denoted above using monthly payments. You can show a complete 15 year amortization schedule OR Just what is necessary to answer the question. b. and c. After making payments for 48 months, the borrower can refinance the loan with a lower Interest rate of 5.00%. The lender charges a $3,500 fee and the borrower decides to refinance the balance owed PLUS the $3,500 fee. Prepare the amortization schedule for the remaining length of time. Show your work on the Exercise 3 tab. \begin{tabular}{|l|l|l|l|l|l|l} \hline A & B & D & C & F & G & H \\ \hline Exercise 3 & & & & & \\ \hline \end{tabular} Please show your two different amortization schedules on this tab and answer the following questions: a. monthly payment initially with 6.00% rate b. balance owed after 48 months c. new monthly payment with new rate of 5.00% answers should be denoted in the answer boxes by cell references to the amort schedules a. Prepare the amortization schedule with the initial terms denoted above using monthly payments. You can show a complete 15 year amortization schedule OR just what is necessary to answer the question. b. and c. After making payments for 48 months, the borrower can refinance the loan with a lower interest rate of 5.00%. The lender charges a $3,500 fee and the borrower decides to refinance the balance owed PLUS the $3,500 fee. Prepare the amortization schedule for the remaining length of time