Question: PLEASE TYPE OUT STEP BY STEP USING A FINANCIAL CALULATOR 1. Suppose you have a mortgage loan of $240,000 from your bank to buy your

PLEASE TYPE OUT STEP BY STEP USING A FINANCIAL CALULATOR

1. Suppose you have a mortgage loan of $240,000 from your bank to buy your home. This mortgage is for 15 years (180 months), and your monthly payment is $1,805.47 per month. What is the APR for the loan? (The monthly payment is just for the loan, not insurance or taxes.)

2. Mark is planning for his daughter's education. She will be attending a college in 12 years. The college expenses are estimated to be $56,000 for a 4-year college. If he can earn 6 percent APR with monthly compounding on a college savings plan, how much does he have to invest every month for the next 12 years? Round it to two decimal places and do not include the $ sign, e.g., 1234.56.

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