Use the given spreadsheet formulas for each question below. Write down your calculations and/or what you type into excel to show your work, as well as the final answer. Answer each question with a complete sentence response. Please make sure the Excel/sheets syntax is provided. Round your answer to the nearest cent.

Suppose you found a house you want to purchase as a rental property that is listed at $325,500. Answer the following using a complete sentence in each. a. How much would the standard 25% required down payment be on this rental house?

b. After making your down payment, you decided to go with a 30 year mortgage at a fixed 8.75% APR interest, how much would your monthly payment be?

c. How much would you pay in total for the rental house at the end of the 30 year mortgage?

d. How much of the total cost would be from interest?

e. If you decide to sell the rental property in 7 year, what will the remaining balance be on the mortgage?

FV = PV + PV * rate * Years =FV(rate, n*Years, PMT, PV) =PV(rate, n*Years, PMT, FV) =PMT(rate, n*Years, PV, FV) = PV*exp(rate*Years)