You take out a 25-year mortgage for $300,000 to buy a new house. What will your monthly payments be if the interest rate on your mortgage is 8 percent? Now, calculate the portion of the 48th monthly payment that goes toward interest and principal.

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 green cells highlighted below. In all cases, unless otherwise directed, use the earliest appearance of the data in your formulas, usually the Given Data section.

	Given Data:
	Loan amount	$300,000.00
	Rate of interest	8.00%
	Number of years	25
	Month number for portion of monthly payment	48
	Months in a year	12
	Number of periods
	Monthly interest rate
	Payment
	Interest amount in the 48th payment
	Principal amount in the 48th payment

Requirements
1	Start Excel.
2	In cell D12, by using cell references, calculate the number of periods. (1 pt.)
3	In cell D13, by using cell references, calculate the monthly interest rate. (1 pt.)
4	In cell D14, by using cell references and the Excel PMT function, calculate the amount of monthly payments. Assume that all payments are made at the end of the period. Note: The output of the expression or function you typed in this cell is expected as a positive number. (1 pt.)
5	In cell D15, by using cell references and the Excel IPMT function, calculate the portion of the 48th monthly payment that goes toward interest. Assume that the payment is made at the end of the period. Note: The output of the expression or function you typed in this cell is expected as a positive number. (1 pt.)
6	In cell D16, by using cell references, calculate the portion of the 48th monthly payment that goes toward principal. (1 pt.)
7	Save the workbook. Close the workbook and then exit Excel. Submit the workbook as directed.