Excel Project: use the original C&P #4 from Excel Unit 3. Remove all other worksheets 1. Add A two-variable data table worksheet to the College Expense and Resource Projections to determine the monthly payments for the TOTAL LOAN amount. Use the assumptions that the term/length of the loan is 10 years, the interest rate is 7% with lower and upper bound start at 6.5% and 7.5%, with a 0.1% increment and decrement, and the total loan amount with lower and upper bound at 5000 below to 5000 above with increment and decrement by 1000, respectively. Note that the Total Loan amount should be interactive, i.e., linked from the College Expense and Resource Projections worksheet, thus all other loan amounts should also be relative to that total. The result table will give you an idea of how much the monthly payment would be for a range of interest rates and loan amounts described above. 2. Base the TOTAL LOAN amount, again from the College Expense and Resource Projections original file, add a loan amortization schedule worksheet to determine, from the monthly payment, the monthly interest amount and each actual monthly amount that applies toward the loan. Note that the monthly payment should be the same for the entire term, but the monthly interest and amount that applies toward the loan are slightly different each month. At the end of the term, (row 120) the loan amount should be very close to zero. You should also add additional columns as needed such as the remaining loan amount for each month in the 10 year term. The amortization is based on the following relative/interactive assumptions: a. Term/Duration: 10 years, 12 payments per year b. Annual Interest Rate: 7% c. Total Loan (link from original worksheet) 3. Base on (1 and or 2) above: a. Create a well designed/formatted chart(s) to show how money (loan principle and interest) regresses from the beginning to the end of the term by either month to month or year to year b. Create another well designed/formatted pie chart to show to the total amount, total interest and loan amount. Note that you may need to add/find the sum of the accumulated interest from the loan amortization schedule in #2 4. For a career of your choice, research (the web) to find the median or average annual salary then add a new monthly projected budget worksheet similar to the C&P #4 in Unit 2 with the following additions/modifications in the expenditures: a. Your monthly income is derived from your annual salary and it is the only source of income b. Include all necessary expenses, (essentials) such as rent, food, car/transportation, insurance costs (car, life), utilities (phone, gas, electric) and non-essentials. Use these typical and reasonable assumptions (base on your month salary). i. Taxes and other deductions 25% ii. Housing/Rent is 15% iii. Food is 10% iv. Car/Transportation 15% v. Utilities 10% vi. Non-essentials 10% vii. Saving 5% viii. Loan payment 10% c. Create a pie chart to show how money are spent d. Briefly explain whether or not the salary from your choice of future profession (with college and other expenditures) is enough to support yourself. Separately, i.e., copy cells to a new area, or possibly the entire worksheet to a new one, then do one of the following: i. If your salary is not enough to pay your student loan (the monthly payment), Goal Seek to determine the required monthly salary that allows you to repay your loan using the same assumptions in 4b. ii. If your salary is more than enough to pay your student loan (the monthly payment), Goal Seek to determine the maximum possible loan amount you can take out using the same assumptions in 4b. 5. All worksheets should be well formatted. All numbers/amounts used in formulas and from different worksheets must be appropriately linked such that if the salary is changed in one worksheet, all related fields from within and other worksheets also automatically change accordingly Notes: this is an individual project; however, you are encouraged to collaborate with a partner or two – to research and determine the right formula(s), method(s), layout, etc. Yet, each student should have his/her own/separate worksheets/file since you may go to a different college and or have a different profession. If you work in a group make sure you name all members at the top corner of the each worksheet (this way I know that you don’t copy from others).