Directions: Please answer the following questions. Submit the answers in an Excel

spreadsheet. Format the assignment by labeling each question number and placing the

formula to its right (similar to the example).

1. How much money do you need to invest today to save $500,000 in 40 years. Assume a semi-annual interest rate of 7%.

1. (you need to show all steps in Excel) You borrow $150,000 to buy a house. The mortgage rate is 8.5 percent and the loan period is 30 years. Payments are made monthly. If you pay for the house according to the loan agreement, how much total interest will you pay? (Round the payment to two decimal places when computing the total interest.)