finance. Can you show how they got these answers? They are correct but I am unsure on how to get it on excel or Ti $84$ calc. Please show Suppose Ann wants to get a fully amortizing, $30-$year Fixed Rate Mortgage, for

$$1,000,000$ at a $7\%$ annual interest rate, compounded monthly, with monthly payments.

How much interest will Ann pay over the life of the loan? $($Hint: compute the total

amount Ann will pay the lender, then subtract the principal.$)$

Answer: $1,395,087\mathrm{.}2$

Suppose Ann wants to get a fully amortizing, $30-$year Fixed Rate Mortgage, for

$$1,000,000$ at a $3\mathrm{.}5\%$ annual interest rate, compounded monthly, with monthly payments.

How much interest will Ann pay over the life of the loan? $($Hint: compute the total

amount Ann will pay the lender, then subtract the principal.$)$

Answer: $616,560\mathrm{.}9$

Suppose an investor buys a property for $$5,000,000.$ He uses a $75\%$ LTV loan, with an

annual interest rate of $7\mathrm{.}5\%,$ the loan is fully amortizing and has a $30$ year term with

monthly payments and with monthly compounding. What is the annual debt service for

this loan?

Answer: $314,646\mathrm{.}5$

Suppose an investor buys a property for $$5,000,000.$ He uses a $75\%$ LTV loan, with an

annual interest rate of $7\mathrm{.}5\%,$ the loan is fully amortizing and has a $30$ year term with

monthly payments and with monthly compounding. What is the remaining mortgage

balance after $24$ months of payments?

Answer: $3,679,172\mathrm{.}6$