PLEASE SOLVE IN EXCEL

You are considering a 30 year loan to purchase a $179,000.00 house. The minimum (housing) expense-to-income ratio is 43.00%. Information on annual and monthly expenses are provided in the chart below. You are considering two loan options with different interest rates.

One where you put down only 5% and pay PM, and the second where you put down the minimum required to avold paying PMI and pay a slightly lower interest rate. For the uninsured and insured loan options, use Excel to calculate the following.

3. Maximum loan amount

1. Mortgage payment (principal and interest)
2. Total housing expense (monthly)
3. Minimum monthly income required to qualify for the loan

\begin{tabular}{|l|c|} \hline Term (years) & 30 \\ \hline Max. payment-to-income & 43% \\ \hline PMI (monthly) & $100.00 \\ \hline Installment debt (monthly) & $181.00 \\ \hline Revolving debt (monthly) & $150.00 \\ \hline Sale price & $179,000.00 \\ \hline Property tax (annual) & $797.00 \\ \hline Hazard insurance (annual) & $552.00 \\ \hline \end{tabular} Uninsured Insured \begin{tabular}{|l|c|c|} \hline Annual interest rate & Uninsured & Insured \\ \hline Max loan & 5.50% & 5.75% \\ \hline PMT & & \\ \hline Housing expense (total, monthly) & & \\ \hline Minimum monthly income & & \\ \hline \end{tabular}