Page1of 5LAW 102 - FINAL EXAMINATIONFALL 2021 – CRN 30582PROFESSOR FRIMMERThis examination will consist of two parts. In Part 1, you willcomplete an Excel spreadsheet using the information provided. InPart 2, you will perform legal research and prepare a Powerpointpresentation to present your conclusions to the Court. Fullinstructions are contained in each Part below. Part 1 is worth 30point and Part 2 is worth 70 points, for a total of 100 points.PART 1 - EXCEL SPREADSHEET – 30 POINTS – ESTIMATED TIME 1HOURFacts:John and Mary Smith have decided to purchase their first hometogether in Prescott, Arizona. The price for the home is $600,000.They will be required to put 20% down on the house at the closing, or$120,000.They are trying to determine if they can afford the monthly paymentson the mortgage that they will have to take out to complete the homepurchase, and would like to have an amortization schedule to see howeach monthly payment would be applied to interest (deductible fortax purposes) and to principal reduction over the entire repaymentperiod of the mortgage.The mortgage lender that they have decided to use has a great first-buyer program. The lender will loan them the $480,000. The termson the loan are as follows: (1) the interest rate will be 3.5% per year;(2) the payments will be made monthly on the first day of eachmonth, starting January 1, 2022; and (3) the mortgage will completelyamortize over a 15-year period, starting January 1, 2022, or for 180months.John and Mary are using Attorney Janice Jones to assist in closing thepurchase of the home and to apply for the mortgage. They askAttorney Jones to prepare the calculations for them.You are Attorney Jones’ paralegal. Attorney Jones asks you toprepare an Excel spreadsheet showing the calculations that theSmiths have requested.Using the pre-formatted Excel Spreadsheet provided, fill in thecolumns using all appropriate formulas to make the calculations.Since this is not a math quiz, here are some hints:A. Since the interest rate is annual, you have to divide the rate by12 in the formula to get the monthly equivalent.B. You will need to compute the monthly payment using theformula built into Excel for Payment. That formula is called=pmt. C. The formulas for the first line of the spreadsheet are provided toget you started.D. Your task is to finish the amortization schedule by showing theresults for each row until the end.E. If you do it correctly, the loan balance at the end will be “0.”YOU MUST FILL IN YOUR NAME IN THE HEADER!WHEN YOU ARE FINISHED, SAVE THE RESULTING SPREADSHEET ANDUPLOAD IT.PART 2: LEGAL RESEARCH AND POWERPOINT PRESENTATION – 70POINTS – ESTIMATED TIME 3 HOURSFACTS:John and Mary Smith successfully bought the house on the termsshown in Part 1 above. During 2022, 2023 and 2024, they receivedregular bills from the mortgage lender and made all of the paymentson the loan. Starting on January 1, 2025, they did receive a monthlymortgage bill from the bank. Since they did not receive a bill, theyforgot to make the mortgage payment. A similar thing happenedevery month after that for nine (9) years. On January 1, 2034, thelender finally realized that their computer software had omitted Johnand Mary from the monthly billing cycles. The lender sent them a billfor all of the missed payments, or $383,454.00 (i.e., $3,550,50 eachmonth for 108 months).John and Mary are stunned. They don’t have that kind of moneylying around. They make an appointment to see Attorney JaniceJones, who still employs you as her paralegal. They ask AttorneyJones whether there is a statute of limitations that applies so that thebank’s failure to require payments for all those 9 years might bar thebank from collecting.Attorney Jones informs the Smiths that legal research will have to bedone and that she will get back to John and Mary. Her preliminarythought is that Arizona does have a 6-year statute of limitations oncollecting a debt, but she cannot remember whether and to whatextent it applies to mortgage loans.Attorney Jones assigns you, as her paralegal, to do the research andpresent your findings in a polished Powerpoint presentation topresent to the clients, and if needed, to the Court, if a lawsuit willoccur.Meanwhile, Attorney Jones, desiring to stop the lender from takingimmediate collection action or to start foreclosure proceedings,prepares a letter to the lender denying that John and Mary oweanything and asserts that the lender is barred by the 6-year statute oflimitations from collecting the entire balance of the mortgage.The lender wrote back, denying that the statute of limitations appliesat all.Is Attorney Jones correct or not? Is the lender correct? Is there amiddle ground where each is partially correct?Do the research to determine whether and to that extent a statute oflimitations applies under Arizona law to this fact situation. You mustidentify at least one Arizona Supreme Court case that interprets thestatute of limitations as it applies to credit card debts and one ArizonaAppeal Court case that deals directly with a mortgage loan of thistype.Then prepare a Powerpoint presentation to state the law and yourconclusions. You may format the Powerpoint presentation any wayyou like. The only requirements are:1. The first slide should have the names of the clients, indicatethat it is from Attorney Janice Jones, that it is prepared by you,as her paralegal, and that it is protected by attorney-clientprivilege.2. The second slide should concisely state the legal issue and thefacts.3. After that, the following slides should summarize the law.4. Finally, there should be a slide with the legal conclusions. If youdetermine that there is a partial application of the statute oflimitations that favors the Smiths, identify how much of the loanthey are relieved from paying. Use the spreadsheet youprepared in Part 1 to get the numbers.5. YOU MAY USE BULLET POINTS, BUT STILL WRITE IN FULLSENTENCES. USE PROPER GRAMMER AND DICTION.GOOD LUCK!!PROF. FRIMMER