Can I please get the answer using the excel formulas used for the calculations? I can do it by hand I just don't know how to do the excel formulas for the problem.

You are thinking of purchasing a house. The house costs $350,000. You have $50,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 7% per year. You can afford to pay only S23,500 per year. The bank agrees to allow you to pay this amount each year, yet still borrow $300,000 At the end of the mortgage (in 30 years), you must make a balloon payment; that is, you must repay the remaining balance on the mortgage. How much will this balloon payment be? House price Down Loan amount Number of periods Interest rate Annual payment 350,000 50,000 300,000 30 7% 23.500 payment PV of payments Loan PV of payments Balloon payment