Question: without using financial formulas just basic math formulas are eligible. Please provide all formula used and variables with clear steps. Please use Goal Seek Tool

without using financial formulas just basic math formulas are eligible. Please provide all formula used and variables with clear steps. Please use Goal Seek Tool in excel.

EXCEL Question 1 (Home Loan) (3marks] Construct an EXCEL spreadsheet, which projects cash flows of a home loan with yearly loan repayments, ie. the loan is paid by payments at the end of each year for n years, until the loan is completely paid off. Please use your spreadsheet to answer the following questions: (a) Given loan amount is $600,000, annual effective interest rate i is 11%, loan term is 20 years. Find the annual repayment amount. (b) Given annual effective interest rate i is 8%, loan term is 30 years. I can afford to make annual repayment amount of $72,000. How much money can I borrow? In your EXCEL spreadsheet, you are required to show the loan amount outstanding at the end of each year, after interest has been accrued and the annual repayment deducted

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