You have decided to buy a new home in Petworth, a sought-after neighborhood in Washington, DC, for $975,000 (agreed upon purchase price). You will put down 20% of the purchase price. However, you will be financing the closing cost based on the purchase price, which is 4%. The first loan payment is one month after the mortgage is signed. The interest rate on the loan is 8% per year. Assume interest rates are compounded monthly. What is your monthly mortgage payment?

Please show excel table and formulas