If you purchase a new home for $250,000 today, what is your monthly payment if your excellent credit earns an 8.00% annual nominal interest rate that is compounded monthly? Assume a 30-year fixed mortgage (360 months) and 20% down on the home (this is of the purchase price above) from your savings account. First payment is one month from today. Discuss the affordability of this home for you when you graduate from college and have the necessary saved monies for the down payment.

Need to solve with excel formula.