Answers - (your last name)", and title your Excel Workbook as "Project 3 Workbod name)". Your answers to each question should be given in complete sentences. If your answer is calculated by Excel, reference the cell you got the answer from. If you calculated the answer by hand using a formula or basic arithmetic, be sure to show enough work to justify your answer. The workbook will contain two worksheets within it (details on this are given throughout the questions). Grading: Your grade on this project is distributed as follows: Project 3 Answers pdf: 4 points per problem, for a total of 40 points Project 3 Workbook: Amortization Worksheet - 10 points , Analysis Worksheet - 40 points Project 3 Discussion: Respond to the prompt and at least 2 peers - 10 points Total for Project 3: 100 points 330, 000 - 20, 000 = 310, 000 Project 3 - Buying versus Renting Mortgages and Taxes: Deb and Rusty have just gotten married and wish to buy a home. They both work in Boston and have a combined income of $90,000. They found a modest starter house which they are buying for $350,000. Borrowed Down PMT closing cost savings left 40,000 - 3, 300 $ 330, 000 20,000 $3, 300 16:700 36700 - 20,080 1. They plan to use their $40,000 is savings to cover the closing costs the bank will charge them, 16, 70D which are 1% of the amount they borrow from the bank. The rest of the savings will be used as a down payment. For example, if they borrow $330,000 using $20,000 for a down payment, the closing costs will be $3,300, which still leaves them some savings. Determine the largest amount they can use for a down payment and still pay the closing costs. 2. Open Excel and create a 20 year amortization schedule, giving monthly payments for the amount they borrowed at a 4.5% annual interest rate. Title this worksheet Amortization. For your answer to this question write "See Excel Workbook"