Exercise 2: Home Mortgage (15 points) Consider you just graduated college and want to purchase a house. Your dream home is a 4 bedroom, 2 bath, with 2,000 square feet house and is listed at $315,000. Assume you have enough money to put a 5% down payment ($315,000 * 5% = $15,750). You will qualify for a 30-year fixed mortgage of 5.05% APR. You will make monthly payments. Fill in the Loan Terms table and make a loan amortization table for financing the house in the Exercise 2 worksheet. When calculating the monthly payment, the periodic interest rate and the repayment term become: Periodic interest rate = APR / 12 Number of payments = Number of years * 12 Grading for Loan Terms table (3 points): 1 point for Borrowed, 1 point for Monthly Interest Rate, 1 point for Term in months. for the Loan Amortization Table (5 points): 2 points for Interest Payment Column, 2 points for Principle Payment column, 1 point for Loan Balance column a) What is the monthly payment? (1 point) b) How much total interest will you pay when paid in full according to the loan terms? (1 point) c) How much principal will you pay when paid in full? (1 point) d) How much will the house cost in total (principal + interest) when paid in full. (1 point) e) What is the interest payment for period 12 using the excel IPMT function? (1 point) f) What is the principal payment for period 12 using the excel PPMT function? (1 point) g) How much money would you save in interest over the life of the loan if the interest rate was 3.25%, instead of 5 05%? (1 point) 69.F