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Answer using excel: Please show how you do it   on excel with formulas! 1. Given the...

Answer using excel: Please show how you do it   on excel with formulas!

1. Given the following information, calculate the effective borrowing cost (rounded to the nearest tenth of a percent). Loan amount: $166,950, Term: 30 years, Interest rate: 8 %, Monthly Payment: $1,225.00, Discount points: 2, Other Closing Expenses: $3,611. 


A. 7.7% B. 8.2% C. 8.5% D. 9.1%

2. Suppose a potential home buyer is interested in taking a $500,000 mortgage loan that has a term of 30 years and a fixed mortgage rate of 5.25%. What is the monthly mortgage payment that the homeowner would need to make if this loan is fully amortizing? 


A. $552.50 B. $2,761.02 C. $17,820.72 D. $33,458.47

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