Question: Please show work in Excel!!! You need a 30-year, fixed-rate mortgage to buy a new home for $400,000. Your mortgage bank will lend you the

Please show work in Excel!!! You need a 30-year, fixed-rate mortgage to buy a new home for $400,000. Your mortgage bank will lend you the money at a 6 percent APR for a 360 month loan. You can only afford a monthly payment of $1000. How much down payment should you put at the time of purchase? Please show your work.

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