2.1. You are considering purchasing a house that costs $285,000. You must make a down payment of 15% of the value of the house. Four percent of the purchase price less the down payment will be added to the total amount borrowed in order to cover the closing costs. The total loan balance may be borrowed over 30 years at 7% interest. Calculate the monthly payment for the mortgage.

2.2. Create the first three periods of the amortization table for the mortgage in the prior problem.

2.3. You believe that you can pay $400 per month in addition to the payment calculated in problem 2.1. No penalty is charged for early payment. How long will it take you to pay off the mortgage under these circumstances?

2.4. You have decided to sell the house at the end of 10.5 years (126 payments). Using the information from problems 2.1 and 2.2, how much do you still owe on the mortgage when you sell the home?

using excel please