Your friend Rick owns a recording studio in a suburb of Los Angeles. He is considering purchasing…

Your friend Rick owns a recording studio in a suburb of Los Angeles. He is considering purchasing some new recording equipment and needs your help in some of the analysis. Open e07b1studio, and then save it as e07b1studio_LastnameFirstname. Use the Loan worksheet to complete the loan amortization table. Use a combination of mixed and relative references in formulas. Use financial functions for the Interest Paid and Principal Reduction columns. Calculate cumulative interest for each 12-month period (not after each payment). Calculate totals for appropriate columns and ensure the Interest Paid and Cumulative Yearly Interest column totals match. Apply Accounting Number Format for monetary values, and apply other formatting consistent with the existing formatting. Use the PV and NPV worksheet to complete a yearly analysis assuming Rick pays for the equipment upfront (instead of taking out a loan) and wants to compare estimated income and expenses related to the equipment use for a five-year period. Calculate the net yearly benefit, the present value of net income, the present value of upfront cost, and the present value of recurring costs. Then total the Present Value column. In cell I15, use the NPV function to calculate the net present value of all income and costs. Use Help to find an example of upfront costs combined with yearly income and expenses. The NPV result should be identical to the total of the Present Value column. Adjust margins, column widths, and page setup options as needed. Create a footer with your name, the sheet name, and the file name on each worksheet. Save and close the workbook, and submit based on your instructor’s directions.