Also, use Excel to do the following (turn in a screenshot): Exercise. A person takes a 30-year loan of $375,000 with an annual rate of interest 4.5% compounded monthly.
(a) Compute the monthly payment on this loan.
(b) Construct the amortization schedule in Excel.
(c) If the person pays an additional $500 monthly toward the principal, how many years will it take him to repay the loan?
(d) What is the total amount the person will be paying to the lender if he pays: (i) the regular payment, (ii) the regular payment plus an additional $500 per month?
(e) If the person pays an additional $6,000 as a lump sum at the end of each year, how many years will it take him to repay the loan? What is the total amount that the person will pay?