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Use siow all your work (NEATLY) and place answer in the blank. Use 6 decimal places for the mortgage constant Purchase Price =$300,000 Loan to value ratio =85% Interest rate =12% Term: Monthly payments 30 years 1. 255,000 5.3.738\% 2. 0.01028 6. $245,466.15 3. 2,622.96 7. 9,533.85 4. $252,377.04 8.$254.992.58 1. The loan is equal to: =LVRPP 0.85300000=$255,000 2. The monthly mortgage constant is equal to: = Monthly pint/Loa $2,622.96/255,000=0.01028 3. The monthly payment is equal to: PV=255,000Rate(I)=12112=1%N=3012=360Payment$2,622.96 4. The amount of interest paid in the second payment is equal to: 4imo endins bakincex interest matc(no) 5. The percentage paid off after 7 years: PV=255,000R=1%N=84Pmt=2622.96FV:245,466.15%.Paidoff=(255,000.245466.15)(25s,000:3.738 6. The amount still owed after 7 years Pmt: 2,62296 7. The amount of interest paid after 7 years 255,000245,466.15= $9,533.85 8. The total amount of interest paid after 30 years. PV=255,000255,0007.42=254.992.58 I=1% N=360 Pmt=2.6.22.96 FV=$7.42