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You will be making quarterly payments on your $10,000 loan. The interest rate is 8%. How...

You will be making quarterly payments on your $10,000 loan. The interest rate
is 8%. How much are your payments if you plan on paying off the loan in 5 years?

Using excel

business   finance   
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Answer #1

The payments are made quarterly so it means 4 payments in a year.

So the interest rate will be divided by 4 and the number of years will be multiplied by 4.

the lin to excel file is

https://docs.google.com/spreadsheets/d/1xlKghoO-IO-tL7UsHXCFd1sTc8gs5vRcaWlP2d3y9Ns/edit?usp=sharing

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