Diana and Jason just bought a house for $484,000, inclusive of title insurance and closing costs. They plan to make a down payment of $84,000. They were able to secure a 30-year fixed mortgage loan at an annual percentage rate of 6%, compounded monthly from a mortgage lending company.

Required:
a. Using Excel, calculate the monthly payment that Diana and Jason have to make to the mortgage lending company. Because interest is compounded monthly, remember to convert the annual rate into a monthly rate, and convert the number of periods in the mortgage loan from years to months.
b. What would be the outstanding loan balance at the end of five years.