Only need help starting from question 5&6

Re sure that you format your spreadsheet for printing so that it is easy to read and so that it looks professional. Watch page breaks. Leave extra time for printing. 2. Memo that summarizes your analysis and outcomes One per group memo should be in a business memo format (in 1-2 pages, size 12, Times New Roman) b. Details on content appear at the end of this document. 3. Hand in a Hard Copy and Email me your EXCEL spreadsheet and Memo. You must email me a copy of your EXCEL spreadsheet and Memo before you hand in your hard copies. Use the last name of one or more of your group members to name the excel file. For example: LuCallahanProj1.xls a. b. Mortgage Analysis You are planning to purchase a house that costs $620,000. You plan to put 20% down and borrow the remainder. You have been pre-approved, based on your credit score and income, for a 30-year loan with an interest rate of 4.53%. Use function "PMT" to calculate your mortgage payment. Use function "PV" to calculate the loan amount given a payment of $2650 per month. What is the most that you can borrow? Use function "RATE" to calculate the interest rate given a payment of $2400 and a loan amount of $496,000 For each scenario, calculate the total interest that will have been paid once the loan is paid off. (There is not a function for this, enter the formula into the cell, just like we did in class.) Assume that you plan to pay an extra $400 will take you to pay off the loan given the higher payment. (Use i calculated in #1). Calculate how much interest you will pay in total. Compare this to the total interest value that you calculated for #1 1. 2. 3. 4. per month on top of your monthly payment, calculate how long it nterest rate of 4.53% and the payment you 5. You created calculators in class for all of the above requirements. Just update them with the new data. Be sure that you are referencing cells-do not enter numbers into formulas or functions within the cells. For the requirements below, you must build new calculators For each scenario, calculate the total cost of the home purchase. (Down payment plus principle (loan amount) plus interest.) Memo