Mortgage Amount: $450,000

Payment Amount: $2,090.19

Extra Payment: $200

Total Payment: $2,290.19

Mortgage Term: 30 years

APR: 3.8%

Number of Payments Per Year: 12

Question 3. Assume you go with the loan offered in Question 1. But, being the dilligent type, you decide you will over pay on the mortgage on each month. . (a.) Assuming that you decide to over pay on the mortgage by $200.00 a month, how many months will it take you to pay off the mortgage? . (b.) Using the =cumipmt() function in Excel, calculate the total amount of interest you would pay on the mortgage offered in Question 1. - Hint: See this link (here) for an example of how to use the =cumipmt() function * Annoyingly, pv must be entered as a positive number in this function, unlike how we typically do it...not great consistancy on Microsoft's part * Also you might find it helpful to report your answer as =-cumipmt() You must use the rcumipmt() function to get full credit, but you can use the amortization table in Question 1, part (b.) to check your answer. = (c.) Using the =cumipmt() function in Excel, calculate the total amount of interest you would pay if you over pay as you planned in part (a.). How much money do you save by overpaying? Question 3. Assume you go with the loan offered in Question 1. But, being the dilligent type, you decide you will over pay on the mortgage on each month. . (a.) Assuming that you decide to over pay on the mortgage by $200.00 a month, how many months will it take you to pay off the mortgage? . (b.) Using the =cumipmt() function in Excel, calculate the total amount of interest you would pay on the mortgage offered in Question 1. - Hint: See this link (here) for an example of how to use the =cumipmt() function * Annoyingly, pv must be entered as a positive number in this function, unlike how we typically do it...not great consistancy on Microsoft's part * Also you might find it helpful to report your answer as =-cumipmt() You must use the rcumipmt() function to get full credit, but you can use the amortization table in Question 1, part (b.) to check your answer. = (c.) Using the =cumipmt() function in Excel, calculate the total amount of interest you would pay if you over pay as you planned in part (a.). How much money do you save by overpaying