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Harry is planning to buy a new home. The price of the house is $ 2 8 0 , 0 0 0 and he has

Harry is planning to buy a new home. The price of the house is $280,000 and he has been offered a 5% loan for 30 years. He does not want his monthly payment to be more than $1400. Does this loan offer meet Harrys criteria? If not, what should be the interest rate in order to reduce the monthly payment to $1400? Alternatively, how large of a down payment would Johnny need to make in order to reduce his monthly payment to $1400 assuming 5% interest.
Build a model and use what-if analysis to answer the above questions. Your model should be able to compute the monthly payment for any chosen home price, loan rate, loan duration, and down payment %.
Create a legend and use formatting to mark your input cells and your calculation cell.

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