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Problem 313 points! I intend to buy a new house. The amount of money I need to borrow is somewhere between $300,000 and $500,000. The
Problem 313 points! I intend to buy a new house. The amount of money I need to borrow is somewhere between $300,000 and $500,000. The repayment period will be 15 years (that is, 180 months). [can get an annual interest rate of 3%. You will use the Mortgage worksheet to analyze this problem. The inputs are the amount borrowed, number of months (repayment period}, and the annual interest rate, and they are entered into cells C1, C2, and C3, respectively. The output is the monthly payment, and this is calculated in cell C4. Note that you do not need to know anhing about how this payment is calculated [using the PMT function 1. Create a oneway data table to see how the monthty payment will change for different values 9i amount borrowed. Vary the amount borrowed in increments of $10,000 between $300,000 and $500,000. Based on the table you created, what is the highest amount you can borrow if you do not want your monthly payment to exceed $3,000
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