Using excel functionsYou recently graduated from university and have your first job. You got lucky and have a fairly

high income with enough disposable income to purchase a house. The house you want to

purchase is $$400,000.$

You are very lucky to have rich parents that provided you a trust fund that will pay you $$325,000$

when you turn $28($in $5$ years$).$

Your plan is to obtain a $5-$year mortgage for the purchase price of the house and pay off

$$75,000$ of the principal over the life of the mortgage. Then when the mortgage is complete, use

the $$325,000$ from the trust fund to pay off the remaining principal.

The bank is offering you a mortgage with monthly payments and an interest rate of $6\mathrm{.}3\%.$ How

much should be the monthly payments be to implement your plan?