$1.$You are making an offer on a house and trying to determine your monthly payment on your mortgage. You offer $$1,000,000$ and the bank tells you your down payment is $10\%.$It is a $30$ year mortgage at $7\mathrm{.}5\%.$ What would be your inputs in Excel?

$=$PMT$($rate$,$nper,pv$,$fv$)$

Rate:

Nper:

PV:

FV:

$2.$You are buying an investment property for $$1,000,000$ with $20\%$ down payment. You aregetting a $24$ month Interest$-$Only mortgage at $12\%,$ what is your monthly payment?