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Section 11 Homework: Problem 9 Previous Problem Problem List Next Problem (4 points) Jean is buying a new apartment. She can afford a mortgage payment of $1820 a month, and a down payment of $18000. She obtained a 19-year loan at 6.65% compounded monthly. Use Excel to determine what the most expensive apartment she can buy under these terms. How much will Jean pay in interest over the $ years? Express your answer rounded to the nearest cent! Apartment price = $ Interest paid = $ = If you haven't answered the question correctly in 3 attempts, you can get a hint. (6 points) Your sister is considering the purchase of a home rather than renewing the lease on her two-bedroom apartment. She is currently paying $850 per month for rent. She has asked you to help decide what sort of home she might be able to afford with her current monthly rent payment. Her bank offers first-time home buyers (with good credit) a 30-year mortgage at a fixed rate of 4.5%. Use this information to answer the questions below. Express your answers rounded correctly to the nearest cent! (i) If the cost of insurance and property taxes is about $125 per month in the neighborhood where she'd like to live, what monthly mortgage payment can she afford? (Refer to your class notes for the formula.) Payment = $ (ii) Use Excel's PV function to determine how much your sister could afford to borrow for a home. Amount to Borrow = $