Complete the problem by entering your answer in the endicated space. Use excel formulas, functions and cell referencing.

Question 1 (15 points) You want to buy a $300,000 house. You plan to make a down payment of 20% of the purchase price and finance the rest with a 30-year fixed rate mortgage loan. The loan is fully amortizing, and requires monthly payments at the end of each month. The annual interest for the loan is 5%, compounded monthly. 1) How much of the purchase price will you finance with the mortgage loan? 2) What is your anticipated monthly mortgage payment? Icopy . he Format Painter BIU CA E Merge & Centet $ % 999 Conditional Format Formatting Table Clipboard Font Alignment Number AutoSave On 116 f A B D E F G H 1 You want to buy a $300,000 house. You plan to make a down payment of 20% of the purchase price and finance the rest with a 30-year fixed rate mortgage loan. The loan is fully amortizing, and requires monthly payments at the end of each month. The annual interest for the loan is 5%, compounded monthly. 1) How much of the purchase price will you finance with the mortgage loan? 2) What is your anticipated monthly mortgage 1 payment 2 3 Answer 4 1) Loan amount Answer 62) Monthly payment 7 8 N 91 10 PV 11 PMT 12 FV 13 Use the appropriate formulas and Excel function to solve the problem (typed-in solutions receive 0 credit) 15 16 18 19 20 21 22 23 24 Question 1 Question 2 Question 3 Question 4