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I already did questions 1-4 I need help with questions 5-10 please help me

,AF301 Mortgage Project SP18 AF301 T-Mobile 11:56 AM Done AFS X ProjectSP18.docx ert Format Tools Add-ons Help A Normal textCalibri MortgageAnalysis You are planning to purchase a house that costs S620,000, You plan to put 20% down and brrow the remainder. You have been pre-approved, based on your credit score and income, for a 30-year loan with an interest rate of 4.53%. 1. Use function "PMT" to calculate your mortgage payment 2. Use function "PV" to calculate the loan amount given a payment of $2650 per month. What is the most that you can borrow? 3. Use function "RATE" to calculate the interest rate given a payment of $2400 and a loan amount of $496,000 4. For each scenario, calculate the total interest that will have been pald once the loan is paid off. (There is not a function for this, enter the formula into the cell, just like we did in class.) Assume that you plan to pay an extra $400 per month on top of your monthly payment, calculate how long it will take you to pay off the loan given the higher payment. (Use interest rate of 453% and the payment you calculated in #1). Calculate how much interest you will pay in total. Cempare ths to he total itemt value that you calculated for #1. s. You created calculators in class for all of the above requirements, Just update them with the new data. Be sure you are referencing cells -do not enter numbers into formulas or functions wilthin the cells. For the reauirements below, you must build new caculators For each scenario, calculate the total cost of the home purchase. (Down payment plus principle (loan plus interest.) 6. You want to determine whether or not you should save som of your money and only 10% down on your house. Because you are only putting 10% down, lenders require that you purchase private mortgage insurance PM.nume that your annual PMI premium is.S2% of the mortgage amount. Divide thi, byl toget the monthly payment. Use Excel for all calculations me loan amount wil be 90% erthe per Calculate your total monthly prment (mortgage payment plus PMn of the home. 7. 8. Calculate the total cost of financing your home purchase (interest plus PMIL 9. Assume that you can stop paying mortgage insurance after 8 years given that the value of your house will appreciate and the balance of your mortgage will decrease. Calculate the total cost of the home purchase. (Down payment plus principle (loan amount) plus interest plus PMIL 20% down payment. ncompare this to the costs associated with 0

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