During this module we have learned a few useful financial formulas. Here is another one: This formula computes the monthly mortgage payment (principal + interest). M-monthly mortgage payment r-annual interest rate n-number of payments per year P-Principal (amount borrowed) t-number of years Write a response that completes the following tasks and meets the list of requirements that follow to build your response for this Critical Thinking Assignment: First, check if you can use this formula correctly: If you borrow 300,000 at 3.75% annual rate for 30yrs, then mortgage payment (principal + interest) should come out to $1,389.35. Consider a case where you borrow 335,000 at 3.5% annual rate for 30 years fixed. 1. 2. Compute the mortgage payment using the above formula. Construct the re-payment schedule using Excel. Consider viewing this YouTube video for some Excel short-cuts and hints: Video: Loan Repayment Schedule in Excel Link: https://www.youtube.com/watch?v=fM94yKqlmqE&feature=youtu.be What is the total payment at the end of 30 years? How much of it is just interest? Now respond to questions 1, 2, and 3, but for a 15-year mortgage at 3%. In your opinion, what are the pros and cons of each option (30-year mortgage vs. 15-year mortgage)