UNICUIUIIS Function Library 10 Create from Selection FRemove Arrow Defined Names 3 B 4A 7 C D F F. G H Question 1: Calculate monthly payment for a loan/mortgage of $745,000 at 2.75% interest to be paid over 25 years. 8. (1.0) 9 10 11 Type 0 Interest Rate 2.75% No. of Periods 300 Loan Amount Monthly Payment $745,000.00 ($3,436.77) 12 13 14 Question 2 You are applying for a mortgage (same rate and amortization as in Question 1). Your annual salary is $55,000. Bank is ready to arrange mortgage. However, they consider that maximum 35% of your gross income can be used to service the mortgage. What is the maximum amount of mortgage that bank is ready to approve - Explain how you could use "Goal Seek" to find the answer (2.0) Type Interest Rate No. of Periods Monthly Payment Loan Amount 0 15 16 17 18 19 Explain here 20 21 Sheet1 Read Type here to search