3) Finance Complete each task by inserting the appropriate function, referencing the appropriate cells in the task data, in the specified cells. (3.1) You are interested in (3.2) You are interested in (3.3) You are interested in purchasing a home. You have been quoted monthly payments of $950 for a 30 year mortgage. Your original loan amount is $212,000. What is the interest rate you will pay on the loan? - Use the RATE function. - Reference the loan information in the "Task 3 \& 4 Data" cells as the arguments for your function. - Remember to multiply the computed nominal interest rate by 12 (to calculate the annual interest rate). (3.4) What is the effective annual (3.5) You are interested in saving Monthly Payment - Remember to divide the interest rate by 12 (to calculate the monthly interest rate) in your function. Task 3 and 4 Data \begin{tabular}{|l|r|} \hline Loan Amount & $212,000.00 \\ \hline Monthly Payment & $950.00 \\ \hline Number of Payments & 360 \\ \hline \end{tabular} Nominal Interest Rate Effective Interest Rate - Remember to multiply the nominal interest rate by 12 (to calculate the annual interest rate). Task 6-8 Data Loan Amount Interest Rate* Number of Payments \begin{tabular}{r|r|} 15 Year Mortgage \\ \hline$310,000.00 \\ \hline 4.50% \\ \hline 180 & \\ \hline \end{tabular}