Submit your answers in a word document. Copy paste your work from the excel you used. Make sure to show your work, especially the formulas used.

Please use the excel formulas for PV, FV, PMT, etc.

Question:

You are buying a house for $150,000 and are making a 5% down payment. The mortgage is set at 4% annual. You want to pay the mortgage in 15 years. Answer the following:

1. What will be the monthly mortgage payment

2. What will be the interest paid in the 3rd month

3. After 10 years, you have $5,000 saved that you would like to pay against the remaining principle. What will be the remaining principle after making the $5,000 payment.

I think I am stuck and am not sure I have done this correctly this far. Can someone check it over (questions 1 and 2)? I did not use a formula for question 2 but did it manually. Is there a way to make a formula work for that question? I have no idea how to do question 3 since I feel as if I have made mistakes already. Any help is appreciated! Screenshots of my work below and formulas in the formula bar

AutoSave Off File Home Insert Page Layout Formulas Data Review Insert Function AutoSum Recently Financial Logical Text Date & Lookup & Math Time-Reference. Trig Used Function Library C8 =PMT(0.04/12,15*12, 142500) 1 142500 0 PV FV PMT RATE (0.04/12) NPER(15*12) 4 ANSWER ($1,054.06) 10