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Using EXCEL ONLY. No Fincancial Calculator 1. What is the monthly payment on the following $600,000 mortgages: A. 30 yr, 2.95% B. 30 yr, 7.49%

Using "EXCEL" ONLY. No Fincancial Calculator

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1. What is the monthly payment on the following $600,000 mortgages: A. 30 yr, 2.95% B. 30 yr, 7.49% C. 15 yr, 2.95% D. 15 yr 7.49% 2. 2 years ago we purchased a house with a $525,000 30 yr mortgage at 9% A. What is the monthly payment? B. How much is owed after 2 years? C. How much interest did we pay over a 2 yr period? D. If we are looking to refinance the current balance of $517,497 and the current rate is 6.75% what would be the monthly payment on a 20yr and 15 yr mortgage? 3. We are choosing between two 30 yr $500,000 mortgages. Mortgage "A" charges 7.35% interest and zero points. Mortgage "B" charges 6.65% and 3 points. Which mortgage should we take and why? (show calculations)

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