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What I want is a detailed explanation of how to enter them correctly into Excel and then I will enter them and then submit for corrections. I am seeking highly detailed excel templates and directions on how to build them from scratch. I will also need the formulas for the problems presented. I really appreciate the time it will take you to complete the tutoring.

You are thinking of purchasing a home. The house costs $400,000. You have $40,000 in cash for a down payment on the home, but you need to borrow the rest ($360,000) of the purchase price. Since your down payment is less than 20 percent of the purchase price, you need to take out two mortgages. The first mortgage on $320,000 has a fixed interest rate of 7% APR and a maturity of 30 years (360 months).Here, please note that APR stands for "annual percentage yield." Because mortgages are calculated (usually) in terms of monthly payments, the relevant interest rate is the monthly interest rate, which is 7% divided by 12, which is 0.58333% per month.The second mortgage on $40,000 has a fixed interest rate of 8% APR (0.66667% per month) and a maturity of 15 years (180 months). For each mortgage, you will have fixed payments over the life of the respective loan.What will be your monthly mortgage payment for your mortgages?Please calculate the monthly payment for each mortgage.