please help with correct answer and formulas, thank you so much

1-(2) Explain your calculation logic and show the following table: Explain: Used the PMT function on excel to calculate the monthly payments for all alternatives. I Monthly Payment No-fee mortgage Alternative 1 Alternative 2 Alternative 3 Alternative 4 Alternative 5 Alternative 6 ve just purchased a house for $500,000 that is located very closed to the university you attend. You plan to put $100,000 down and borrow $400,000. You need a 30-year fixed rate mortgage on a new purchase are provided in the following table. The benchmark is the best coupon rate on a mortgage that requires paying no upfront fees or points (Note: Mortgage points are essentially a form of prepaid interest you can choose to pay up front). We will refer to this benchmark mortgage as the no-fee mortgage and assume that the rate on this mortgage is your cost of capital. Basic Information: Mortgage Fee Rate (%) Monthly Rate (%) Points (%) 0 Benchmark (no-fee mortgage) 400,000 3.5 0.2917 Alternative 1 0 1620 400,000 3.375 0.2813 950 Alternative 400,000 3.5 0.2917 1 950 Alternative3 400,000 3.375 0.2813 1 o Alternative 400,000 3.5 0.2917 0.25 1048 Alternative5 400,000 3.5 0.2917 0.364 1727 Alternative 400,000 3.5 0.2917 1-(2) Find the monthly payment of the mortgage (7 points). You can apply the formula for PV of Annuity (Chapter 4). Use the monthly rate as discount rate