$7.$ You a buying a home for $$500,000$ and would like to determine the monthly mortgage payment. You can obtain a $$400,00030-$year fixed$-$rate mortgage at $7\%.$

What is your monthly payment? What would the monthly payment be if rates decreased to $5\%?$ What if the rate was $5\%$ and the term was $15$ years instead of $30$ years? SOLUTION IN EXCEL