Loan Details Monthly (Beginning-of-month) Payment (PMT) Effective Annual Rate Monthly interest rate (RATE) Months to Pay Off Loan (NPER) 36 Amount of Loan from Bank (PV) $5,000.00 Recreate the above in excel. You seek to borrow $5,000 from a friend. You promise to repay the loan in 36 monthly repayments commencing today. If the effective annual interest (EAR) rate is 24.3% what is the amount of the monthly repayment? (answer do not include $ sign; show cents eg 100.00) Answer: A $17,000 loan is to be repaid with 9 equal half-yearly instalments. Interest is at 8.5%p.a. compounding half-yearly Calculate the principal repaid in the fourth instalment. (use excel; answer to include cents but do not use the comma separator)
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
