Please use excel, need help with functions because I am only used to using a financial...
Please use excel, need help with functions because I am only used to using a financial calculator, thanks!
Calculate the flat annual payment required to pay off a five-year loan of $125,000 bearing an interest rate of 11 percent.
Homework Answers
Use the PMT function in EXCEL to compute the flat annual repayments required to pay off the loan amount mentioned. The PMT function is as shown below:
=PMT(rate, nper, PV, FV, Type) where rate = 0.11 (interest rate), nper = number of payments = 5 , PV = $ 125000, FV = 0 and Type = 0 (end of period payments)
Using the above formula, PMT = - $ 33821.29 or $ 33821.29 (negative sign indicated cash outflow to repay loan)
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