Loan project

Will be an excel sheets and I will attached instructions as word document. Semester Loan Project MAT 119 You may work in groups of no more than four people and a single portfolio may be turned in for the entire group. This project is due on Friday, November 20th, 2015. No late projects will be accepted for any reason. If you are unable to turn it in on the due date, you must make arrangements to turn it in early. All the results should be presented, interpreted and printed out in Microsoft Word format. Excel output can be easily copied and pasted into a Word file. Nothing should be submitted handwritten. I will be looking for correct answers to the questions as well as the overall presentation of your report, including the use of complete sentences, correct language, overall coherency, neatness and clarity. Option One Suppose you have a subsidized loan, interest does not accumulate until 6 months after graduation, of $8452 with an interest rate of 4.29%. Additionally, you have an unsubsidized loan, interest accumulates while still in school, of $9877 with an interest rate of 5.1%. Option Two Use your student loan(s) with respective interest rate(s). General instructions: Your goal is to analyze student loans and the effects of consolidating loans. • Determine the total interest accumulated while in school for any unsubsidized loans. • What will your monthly payments be for any and all loans over the course of 10 years? Twenty years? Will it take more than 20 years to pay off the loans, if so, how long? • Use MS Excel to construct an amortization table for your student loans, with column headings: Payment number, Monthly payment, Interest paid, Principal paid, Loan balance (do not include equity we don’t consider equity for student loans). You have to construct this table yourself, a table provided by your lender is NOT sufficient. • Determine the total interest paid over the course of the loan(s). • Determine the total principal paid over the course of the loan(s). • Make a graph of the loan balance as a function of payment number. • Determine how long it would take to pay off your loan if you paid $75 more each month. How much would you save? • Determine how long it would take to pay off your loan if you paid $100 more each month. How much would you save? • Go to your local bank and talk with a bank representative about consolidating your loans into a single loan. What would be your new interest rate, and as a result, new monthly payment? Discuss the advantages and disadvantages of consolidating your loans (please use excel to justify your case). • Discuss the advantages and disadvantages of paying off a loan with higher payments than required. Using the guidelines above, write up a report about your experience and findings. Present all your data in a user friendly format. Whoever reads your report should easily find the relevant information (i.e. interest rate, loan amount etc.) without searching for it, on the other hand it should be a nice read and not too dry with only numbers and tables in it. Include all supporting documents as you see fit (i.e. banker business cards, etc.).