Determine the difference in monthly payments required to buy the house versus the monthly rental payment. For the monthly purchase payments, the calculations are based on a fixedrate, 30-year maturity, 80% LTV, with no points. The interest rate that she was quoted is 3.75 % with monthly payments. Assume that property tax rate in the city of Oxford is 1.1 % per year based on property value; assume the hazard insurance premium is 0.6% per year based on property value and assume $60 per month for maintenance (Special note, if your selected property includes condo fees or HOA fees that are provided, you may use that number in place of the $60 per month maintenance allowance). Use the rental payment amount found in Question 2 for the rental payment. Purchasing House Price: 205,000; Rental Payment Amount: $1,600 (Show in Excel w steps) 1. Calculate the monthly payments required for purchase and for renting. Then find the monthly difference in these two payments. 2. After finding the monthly difference, calculate the cumulative (not compounded) amount of the payments for both purchasing and renting and provide the difference in payments for the following periods: a. Two years b. Three years c. Six years d. Eight years