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Use Excel. A business has a mortgage of £200,000 for a term of 25 years, tobe paid in equal monthly instalments. Assume an interest rate of4.8% p.a. (calculated monthly) throughout the period.Determine the regular monthly payment.Construct a table showing the outstanding balance for eachmonth for the full term of the mortgage.Determine the amount outstanding when the business is exactlyhalf way through the term of the mortgage.Determine the time remaining when the outstanding balance ishalf of the original amount.Explore how the solutions to Q1-4 would change with differentinterest rates. Consider rates of 3.0% and 6%. In each case assumethe rate remains the same for the full term of the mortgage.
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