Mortgage Analysis You are planning to purchase a house that costs $600,000

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Mortgage Analysis You are planning to purchase a house that costs $600,000. You plan to put 20% down and borrow the remainder. Based on your credit score, you believe that you will pay 4.5% on a 30-year mortgage. 1. Use function "PMT" to calculate your mortgage payment. 2. Use function "PV" to calculate the loan amount given a payment of $2,000 per month. What is the most that you can borrow? 3. Use function "RATE" to calculate the interest rate given a payment of $2,200 and a loan amount of $500,000 4. For each scenario, calculate the total interest that you will have paid once the mortgage is paid off. (There is not a function for this, enter the formula into the cell.) 5. For each scenario, calculate the total cost of the home purchase. (Down payment plus principle (loan amount) plus interest.) 6. Assume that you plan to pay an extra $200 per month on top of your mortgage payment, calculate how long it will take you to pay off the loan given the higher payment. (Use corresponding interest rate in questions 1, 2, and 3). Calculate how much interest you will pay in total? Compare this to the value that you calculated for #4.