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Can someone Please help me solve thisSome friends tell you that they paid $14,859 down on a new house and are to pay $799 per month for 15 years. If interest is 5.4% compounded monthly, what was the selling price of the house? How much interest will they pay in 15 years? Selling price of the house: S(Round to two decimal places as needed.) Total interest paid: $ (Round to two decimal places as needed.)

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Requirement-1: 0.45% [5.4% / 12; Annual rate is converted into monthly rate Monthly interest rate, RATE # of monthly payments, NPER Monthly installment amount, PMT Bal. in loan account at the end, FV Monthly installment type, TYPE Amount of borrowing Add: Down payment Selling price of the house 180 [15 years x 12; as there are 12 months in a year] $799 $0 [Because all will be paid off over 60 months] 0 =0 if installments paid at the end of each month; 1 if installments paid at the beginning of each month. $98,424.88 [Ref: NOTE-1] $14,859.00 $113,283.88 NOTE Amount of borrowing is calculated using EXCEL FUNCTION PV(rate,nper,pmt,fv,type) where rate-0.45%; nper=180; pmt=-799; fv=0; type =0; Here value for pmt is negative as it denotes cash outflows; fv is positive as it is cash inflow; type 0 because payments occur at the end of each month only A. 1 Monthly interest rate, RATE 2 # of monthly payments, NPER 3 Monthly installment amount, PMT 4 Bal. in loan account at the end, FV 5 Monthly installment type, TYPE 6 Amount of borrowing 7 Add: Down payment 8 Selling price of the house -5.4%/12(5.4% / 12; Annual rate is converted into monthly rate) 15 12 [15 years x 12; as there are 12 months in a year] $799 $0 [Because all will be paid off over 60 months] 0 0 if installments paid at the end of each month; 1 if installments paid at the beginning of each month. PV(B1,B2,-B3,B4,BS) [Ref: NOTE-1] $14,859.00 -SUM(B6:B7# of installments in 15 year loan Monthly installment amount Total amount repaid for the loan Amount of borrowing Total interest paid over 15 years$45,395.12 I$143,820- $98,424.88] 180 [15 years x 12; as there are 12 months in a year] $799 $143,820 [180 x $799] $98,424.88 [As calculated in Requirement-1

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