Use the PMT function in Excel to compute the monthly payment on a $328000 business loan...
Use the PMT function in Excel to compute the monthly payment on a $328000 business loan at an annual interest rate of 7.15% over 20 years, where the interest is compounded monthly. Hint: The PMT (Payment) function is entered in Excel as =PMT(Rate, Nper, Pv, Fv, Type) Fv and Type are not necessary. Ignore them. Enter the amount of your monthly payment below. Do not include the dollar sign ($)
Homework Answers
The monthly payments are:-
=PMT(rate,nper,pv)
=PMT(7.15%/12,20*12,328000)
=2572.60
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Use the PMT function in Excel to compute the monthly payment on
a $328000 business loan...
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You wish to buy a car for $12,000 at a 5% annual interest rate,
compounded monthly. The loan will be repaid in 5 years with monthly
payments. What is your monthly payment (calculated with the
equations on the next page)? Compare your answer to that obtained
with the built in function, PMT. Be sure to label all cells
appropriately. (There is no need to create a monthly payment table,
simply use the equations on the next page.)
Loans: where: and,...
Enter a formula in cell C9 using the PMT
function to calculate the monthly payment on a loan using the
assumptions listed in the Status Quo scenario. In the
PMT formula, use C6 as the
monthly interest rate (rate), C8 as the total
number of payments (nper), and C4 as the loan
amount (pv). Enter this formula in cell C9, and then copy the
formula to the range D9:F9.
C9 A B D E F G 1 2 SpringLeaf Designs...
You win the lottery! Do you wish to receive $2,000,000 in one
payment now, or $167,000 per year for 30 years? To help you in your
decision, estimate the present value of the second option assuming
constant annual interest rates of 6%, 8%, and 10%. Expound on your
decision within a text box. (You may use the built-in PV function
within Excel)
Loans: where: and, interest due at the end of each month A = payment P = principal (amount...
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