Loan amount Term (years) Annual interest % Payments per year $110,000 5 12% 2 3 4 5 1 2 A B C D E F G H Your score: 0% Name: a wants to buy a home, and is considering several financing options. Giovanni plans to borrow $230,000 with monthly payments. 1) Calculate the amount of each mortgage payment using the PMT function. 2) Calculate the total amount of mortgage payments and 3) the total amount of interest paid over the term of the mortgage under the following financing options. Enter a valid Excel formula or function in each of the yellow cells below. Formulas must refer to cell address(es). Entering a value will be marked as incorrect. 6 7 8 Mortgage amount 9 Payments per year $230,000 12 10 Financing Option Term (years) Annual interest rate 1) Monthly payment 2) Total payments over term 3) Total interest paid over term 11 12 1 25 12.0% 13 2 20 11.0% 14 3 30 11.5% 15 4 25 13.0% 16 1 2 A B Name: D E F G H Your score: 0% Average all tabs:| 34567820 Iwants to buy a car and is considering several financing options. The car Giovanni wants to buy costs $21,000. 1) Calculate the amount of each monthly car payment using the PMT function. 2) Calculate the total amount of the car payments and 3) the total amount of interest paid over the term of the loan under the following financing options. Enter a valid Excel formula or function in each of the yellow cells below. Formulas must refer to cell address(es). Entering a value will be marked as incorrect. Amount financed Payments per year $21,000 12 10 Financing Option Term (years) Annual interest rate 1) Monthly payment 2) Total payments over 3) Total interest paid over term 11 term 12 1 5 7.0% 13 2 3 6.0% 14 3 6 6.5% 15 4 4 8.0% 16