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In: AccountingGiven the following information:Interest Rate (yearly): 3.5%Mortgage: $250,000Term (in months): 360Start Date:...Given the following information:Interest Rate (yearly): 3.5%Mortgage: $250,000Term (in months): 360Start Date: October 1, 2019Yearly Bonus: $10,000Formulas to incorporate:PMTEDATESUMOther Notes:Do amortization monthly.Note that the interest rate is yearly and that your amortizationtable is monthly.Anchoring cells will make it faster to develop yourspreadsheet.You’ll want to set up your spreadsheet to have the followingcolumns: Starting Balance, Interest Accrued, Payment, Principal,Ending Balance, Cumulative Interest, Cumulative Principal.Case:What is the minimum payment each month?Scenarios (complete each scenario on a separate tab and labeleach tab appropriately):Pay the minimum required.Pay an extra $250/month. When will you have the loan paid offby?Pay an extra $250/month and make a larger payment (equal to 50%of your year end bonus) each December. When will you have the loanpaid off by?