Benchmark Excel $2016$ Level $2,$

Project $3$

You are considering purchasing a new home with a price of $$156,500.$ From the sale of a previous home and your savings, you plan on a down payment of $$30,000.$

Create a worksheet calculate your monthly house payment $($not including any taxes$).$

Research local mortgage rates to perform the calculations; find a fair rate for a $15-$year and a $30-$year mortgage and include them in your worksheet.

Use a function to calculate the monthly house payment.

Assume you decide that, if you take the $30-$year mortgage, you cannot afford a monthly payment higher than $$550.$ Use Goal Seek to determine how much of a down payment would be necessary to bring the house payment down to $$550.$

Assume you decide that, if you take the $15-$year mortgage, you cannot afford a monthly payment higher than $$800.$ Use Goal Seek to determine how low the interest rate must be to bring the house payment down to $$800.$

Apply formatting of your choice to the worksheet.

Add a header to the worksheet that includes your name in the center.

Save the worksheet as EL$2-$U$2-$SA$1-$HPayment with the password L$2$U$2$PMT to open it$.$ Close the worksheet and exit Excel.

Can you please walk me through each step, thank you!