Use a spreadsheet to create amortization schedules for the following five scenarios. What happens to the total interest paid under each scenario?

a. Scenario 1:

Loan amount: $1 million

Annual rate: 5 percent

Term: 360 months

Prepayment: $0

b. Scenario 2: Same as 1, except annual rate is 7 %

c. Scenario 3: Same as 1, except term is 180 months

d. Scenario 4: Same as 1, except prepayment is $250 per month

e. Scenario 5: Same as 1, except loan amount is $125,000