John Doe has just been offered a home loan towards purchase ofhouse that is being sold for
​$230,000.
He will be required to make a
15​%
down​ payment, as well as mortgage processing fees and closingcosts of
​$3,000.
The loan has to be paid off in monthly payments over a​ 30-yearperiod at a fixed interest rate of
6​%
per year compounded monthly. He will also be required to pay anadditional
​$92
per month as mortgage insurance. Using​ Excel, answer thefollowing​ questions:
​(a) The monthly mortgage payment is
​(enter as a positive number to the nearest​ dollar) ​(b) Thetotal monthly payment is
​
​(enter as a positive number to the nearest​ dollar)​(c) Thenominal APR is
​(to the nearest 2 decimal​ places)       The effective APRis
​(to the nearest 2 decimal​ places)​(d) Over the​ 30-yearperiod, the total amount of interest paid on the loan is
​
​(enter as a positive number to the nearest​ dollar).​(e) Theinterest amount in the month
60
payment is
​
​(enter as a positive number to the nearest​ dollar)       Theprincipal amount in the month
60
payment is
​
​(enter as a positive number to the nearest ​dollar)​(f) Thebalance on the loan immediately after making the payment at the endof  month
60
is
​
​(enter as a positive number to the nearest​ dollar)
