Question: Please solve using Excel. Demonstrate procedure. Thanks! You want to buy a $850,000 house. You plan to make a down payment of 15% of the

Please solve using Excel. Demonstrate procedure. Thanks!

You want to buy a $850,000 house. You plan to make a down payment of 15% of the purchase price and finance the rest with a 25-year fixed rate mortgage loan. The loan is fully amortizing, and requires monthly payments at the end of each month. The APR of the loan is 3.75%, compounded monthly. 1) How much of the purchase price will you finance with the mortgage loan? 2) What is your anticipated monthly mortgage payment? Answer 1) Loan amount 2) Monthly payment Answer Z Use the appropriate formulas and Excel function to solve the problem (typed-in solutions receive 0 credit) I PV PMT FV

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