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 Harry$$s criteria? If not, what should be the interest rate in order to reduce the monthly payment to $$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.