Problem 5-20 You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is $2,356 and you have made every payment on time. The original term of the mortgage was 30 years, and the mortgage is exactly four years and eight months old. You have just made your monthly payment. The mortgage interest rate is 6.375 % (APR). How much do you owe on the mortgage today? Complete the steps below using cell references to given data or previous calculations. In some cases, a simple cell reference is all you need. To copy/paste a formula across a row or down a column, an absolute cell reference or a mixed cell reference may be preferred. If a specific Excel function is to be used, the directions will specify the use of that function. Do not type in numerical data into a cell or function. Instead, make a reference to the cell in which the data is found. Make your computations only in the blue cells highlighted below. In all cases, unless otherwise directed, use the earliest appearance of the data in your formulas, usually the Given Data section. Monthly payment $ 2,356 Number of years 30 Periods per year 12 Periods into the loan 56 APR 6.375% Discount rate Periods remaining PV of mortgage Requirements 1 2 3 In cell D12, by using cell references, calculate the discount rate (1 pt.). In cell D13, by using cell references, calculate the number of periods remaining on the loan (1 pt.). In cell D14, by using cell references, calculate the amount that you owe on the mortgage (1 pt.).