Question

Mircosoft Excel 2016 - Chapter 4: Lab 2 - Consumer Debt Analysis and Interest Comparison Table

Part 5. Enter a formula for total interest paid in cell E5. Total Interest is determined by calculating the total of all monthly payments for the term, and then subtracting the starting balance from the total.

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Answer 1

The required formulas are shown in the following spreadsheet:

Monthly Payment Calculator $2,308.76 16.99% Interest Rate Term in Months 48 6 Starting Balance 6000 Monthly Payment $173.10 10 12 13 14 15 16 17 18 19 20 21

Formula in C8 =-PMT(C5/12,C6,C7,0)

Formula in E5 =C8*C6-C7