Please show how to solve using TVM functions on a calculator. Ignore work done in picture

24. You wish to purchase a property for $500,000. You intend to make a 20% down payment and you have the money to do so. You have two mortgage choices. You can finance the remaining 80% with a 30 year fixed rate mortgage at an interest rate of 5% with no closing costs (technically, the lender pays all closing costs at this rate). Alternatively, you can choose a 30 year, 5/1 ARM with an interest rate of 3%, and closing costs of $4000. The ARM has an annual cap of 2% and a lifetime cap of 5%. Assume a worst case scenario (for you, the borrower) for interest rates throughout. What is the effective rate on the fixed rate mortgage if you keep the property 5 years? a. 5.23% b. 3.28% 5.00% d. 3.00% n=60 C. cul surs Pu=413,501.7411-4000 = 400, 501.7411 Pnr 2417.29 V