Question 10 of 13 a. How much money do you need to invest to receive $2,300...

Question

Question

Answer 1

Answer #1

a) Amount of money needed to be invested is calcualed using the PV function:-

=PV(rate,nper,pmt)

=PV(5%/12,15,-2300)

=33376.65

b)

Monthly payments at 20 months:-

=PMT(rate,nper,pv)

=PMT(5%/12,20,-33376.65)

=1742.81

Difference =2300-1742.81=557.19

Answer 2

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