John Doe has just been offered a home loan towards purchase of house that is being sold for

$230,000.

He will be required to make a

15%

down payment, as well as mortgage processing fees and closing costs of

$3,000.

The loan has to be paid off in monthly payments over a 30-year period at a fixed interest rate of

6%

per year compounded monthly. He will also be required to pay an additional

$92

per month as mortgage insurance. Using Excel, answer the following questions:

(a) The monthly mortgage payment is

(enter as a positive number to the nearest dollar) (b) The total monthly payment is

(enter as a positive number to the nearest dollar)(c) The nominal APR is

(to the nearest 2 decimal places)The effective APR is

(to the nearest 2 decimal places)(d) Over the 30-year period, the total amount of interest paid on the loan is

(enter as a positive number to the nearest dollar).(e) The interest amount in the month

60

payment is

(enter as a positive number to the nearest dollar)The principal amount in the month

60

payment is

(enter as a positive number to the nearest dollar)(f) The balance on the loan immediately after making the payment at the end ofmonth

60

is

(enter as a positive number to the nearest dollar)