Please give the answer in excel format Problem $6\mathrm{.}2$: Russ and Karen are a young couple looking to purchase their first house. They have found just the right home for $$700,000$ and with the help of their parents they plan to make a down payment of $20\%.$ Assuming they finance the remainder, they would like to know how much their monthly mortgage payments will be$.$ The lender is offering a $30-$year fixed rate mortgage with monthly payments at an annual rate of $7\mathrm{.}0\%.$

How much will the monthly payments be on this mortgage?

Hint: Use the PMT function in Excel. For the PV figure use the loan amount as explained on pages $168-169.$

Home purchase price

Down payment

Amount Financed

$\backslash$table$[[$PV$,],[i,],[n,],[m,],[pmt,],[$FV$,]]$