MUST USE EXCEL AND SHOW EXCEL FORMULAS.

You apply for a 20-year, fixed-rate (APR 6.48%) monthly-payment-required mortgage loan for a house selling for 150,000 today. Your bank requires payment of house value (to be paid in cash immediately) and add exist3,000 application-process-closing cost into the beginning loan balance. (a) What is your monthly loan payment if you stick to the mortgage deal the end (assuming each payment is made at the end of each month)? (b) 9 years after buying the house, what will be the remaining loan principal balance? (Please note again that it is a monthly mortgage.) (c) 9 years after buying the house, the loan market rate drops from 6.48% APR to 6.00% APR. You plan to refinance, but the bank would charge an extra fee of exist4, 500 for refinancing (which is carried into the current remaining loan balance for amortization). Would you be able, and by how much, to lower your monthly loan payment if you choose to refinance on the remaining loan principal balance over the remaining loan life period? Based on your calculation results, should you choose to refinance or not? (d) Redo the calculations in Question (c), assuming that the loan market rate drops from 6.48% APR to 5.76% APR (instead of 6.00%). Shall you choose to refinance then