Read the case in your course pack titled: Time Value of Money: The Buy versus Rent Decision. Create an Excel spreadsheet to complete the following quantitative calculations below. Be sure to clearly label each calculation. This case is available from the link on the left navigation menu.

Determine the monthly effective rate.

Determine the required monthly payments for the mortgage $($hint: use the monthly effective rate for this computation$).$

Determine the $$opportunity$$ costs on a monthly basis, if using the required funds for closing $($i$.$e$.,$ down payment plus all the closing costs$),$ rather than leaving those funds invested and earning the monthly effective rate.

Determine the monthly additional payments required to buy versus rent $($include the monthly opportunity costs computed in part C$).$

Determine the principal outstanding on the mortgage after five years.