*PLEASE SOLVE IN EXCEL USING FINANCIAL FUNCTIONS*

*PLEASE SOLVE IN EXCEL USING FINANCIAL FUNCTIONS*

2. A reverse annuity mortgage is made with a balance not to exceed $400,000 on a property now valued at $750,000. The loan calls for monthly payments to be made to the borrower for 120 months at an interest rate of 7%. a. What will be the monthly payments be? b. What will be the RAM balance at the end of year 4? c. Assume that the borrower must have monthly draws of $2,750 for the first 60 months of the loan. Remaining draws from months 61 to 120 must be determined so that the $400,000 maximum is not exceeded in month 120. What will draws by the borrower be during months 61 to 120? 2. A reverse annuity mortgage is made with a balance not to exceed $400,000 on a property now valued at $750,000. The loan calls for monthly payments to be made to the borrower for 120 months at an interest rate of 7%. a. What will be the monthly payments be? b. What will be the RAM balance at the end of year 4? c. Assume that the borrower must have monthly draws of $2,750 for the first 60 months of the loan. Remaining draws from months 61 to 120 must be determined so that the $400,000 maximum is not exceeded in month 120. What will draws by the borrower be during months 61 to 120