Janette Franklin, owner of Frank Solutions, LLC, is considering borrowing $30,000 to finance the renovation of her office building. She has been given three different loan options with various terms and interest rates. She knows that she can only afford to make payments of $530.00 a month and needs your help to determine which loan option is best. Instructions:StepInstructionsPoints Possible1 Start Excel. Open the file named e06ch11_grader_h1_Loans. xlsx. Save the file with the name e06ch11_grader_h1_Loans_LastFirst, replacing LastFirst with your name.0.0002 On the LoanAnalysis worksheet in cell C4, calculate the annual percentage rate for Loan Option 1. Format the cell as Percentage with 2 decimal places.10.0003 In cell C6, calculate the total cumulative interest that would be paid throughout the life of the loan if payments were made at the end of the periods. Reference cell C5 for the end_period argument. Be sure that the result of the function is positive, and then format the cell as Currency.10.0004 In cell C7, calculate the total cost of the loan by adding the loan amount in cell C2 to the cumulative interest amount in cell C6.4.0005 In cell F3, calculate the end of the period monthly payment for Loan Option 2. Be sure the result of the function is positive, and then format the cell as Currency.10.0006 In cell F6, calculate the total cumulative interest that would be paid throughout the life of the loan if payments were made at the end of the periods. Reference cell F5 for the end_period argument. Be sure that the result of the function is positive, and then format the cell as Currency.10.0007 In cell F7, calculate the total cost of the loan by adding the loan amount in cell F2 to the cumulative interest amount in cell F6.4.0008 In cell I5, calculate the total number of quarterly payments required to pay off Loan Option 3 if payments are made at the end of the period. Format the cell as Number with 0 decimal places.10.0009 In cell I6, calculate the total cumulative interest that would be paid throughout the life of the loan if payments were made at the end of the periods. Reference cell I5 for the end_period argument. Be sure that the result of the function is positive, and then format the cell as Currency.10.00010 In cell I7, calculate the total cost of the loan by adding the loan amount in cell I2 to the cumulative interest amount in cell I6.4.00011 You will create an amortization schedule for Loan Option 3 in cells C12:F35. All payments are end-of-the-period payments. Be sure that all formulas and functions result in a positive value. To begin, in cell C12, enter a formula that refers to the Loan Amount for Loan Option 3. Format the cell as Currency with 0 decimal places.4.00012 In cell D12, enter a function to calculate the first principal payment. Format the cell as Currency with 2 decimal places.5.00013 In cell E12, enter a function to calculate the first interest payment. Format the cell as Currency with 2 decimal places.5.00014 In cell F12, enter a formula to calculate the first ending balance. Format the cell as Currency with 2 decimal places.4.00015 In cell C13, enter a formula that refers to the ending balance in cell F12. Complete the amortization schedule as directed down to F35. Ensure that cells C13:F35 are formatted as Currency with 2 decimal places.10.00016 Ensure that the worksheets are correctly named and placed in the following order in the workbook: LoanAnalysis, Documentation. Save the workbook, exit Excel, and then submit the file as directed by your instructor.0.000Total Points100.000