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Please show all work in order to get credit on an excel file. If you provide...

Please show all work in order to get credit on an excel file. If you provide only the answers without showing your work, I will not be able to provide any credit if your answer is wrong.

A monthly amortizing, 30-year fixed-rate hotel mortgage for $100 mi was issued 10 years ago at 2%. Market rates for such mortgages today has increased to 5%. How much will you pay to buy this mortgage today?

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Answer #1

Monthly payment of the mortgage= $ 0.36961947 Million calculated as follows:

After 10 years of origination,

Present value of the mortgage is the present value of the remaining (unpaid) installments forming an ordinary annuity for 240 months at the new rate.

Remaining number of installments= 20*12= 240

New interest rate= 5%

Present value of the mortgage= $ 56.01 Million   Calculated as PV of annuity as follows:

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