Ques 2: You borrowed $9,100.00 from the bank. You agreed to repay the loan by making equal monthly payments for 4 years. Interest is 9% compounded monthly. Prepare an amortization schedule in the MS Excel showing details of the payments, and totals. Answer the following: a) What is the size of the monthly payments? b) How much will the loan cost you? c) How much will you owe after 16 months? d) How much interest will you pay in your 26th payment? e) How much of the principal will be repaid in the 18th payment? The schedule needs to have the following headings: Payment Number Amount Paid Principal Outstanding Principal Interest Paid Repaid balance Iā
