Question 2 a, b and c

Use a spreadsheet to model the scenarios described, then answer the questions that follow. Note that you are only required to submit the answers to the questions for the assignment. Do not submit your spreadsheet. Create a single document containing the answers to the questions, convert the document into a pdf document and submit the pdf via myUnisa. Give all numerical answers up to two places after the decimal point. Rates should be given up to two places after the decimal point when expressed as percentages. For example, an answer of 0.075 or 7.5% is not precise enough Question 2 [8] Most people, when buying a house of their own, have to take out a home loan to cover the cost of buying the house. Create a spreadsheet model that calculates the monthly payment that will be required on a home loan. Include the following input values in the model: Price of the house The annual interest rate on the loan (compounded monthly) Initial deposit (This is the amount that you put down and will be subtracted from the price of the house to determine the loan amount. Term (number of years to pay off the loan) Use formulas to calculate the following output values: The monthly payment amount (Hint: Use the Excel PMT formula) The total amount paid (the monthly payments multiplied by the months of the term) The interest paid (the total amount paid minus the loan amount) Use your model to answer the following questions: . Give the Excel formula expression that you used to calculate the monthly payment amount. Explain each part of the expression (state what is stored in any reference cells used in the formula). (4) b. Give the monthly payment and the total interest paid on a house of R380 000 at 11.8% interest over 20 years if no deposit is put down. c. Give the monthly payment and the total interest paid if the term is increased to 25 years. (2) (2)