Question: please tell me how to solve this problem by excel function You want to buy a $250,000 house. You plan to make a down payment

please tell me how to solve this problem by excel function

You want to buy a $250,000 house. You plan to make a down payment of 20% of the purchase price and finance the rest with a 30-year fixed rate mortgage loan. (The seller receives $250,000, you owe the bank for the loan amount.) The loan is fully amortizing, and requires monthly payments at the end of each month. The annual loan rate is 4%, 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 Use the appropriate formulas and Excel function to solve the problem (typed-in solutions receive 0 credit) Answer PV PMT FV Answers Loan amount Monthly payment $200,000 $954.83

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