1 +\[\Problem 5-47 2 3 Loan payment. Determine the equal, end-of-year payment required each year over the life of the loans shown in the following table to repay them fully during the stated term of the loan. 4 Loan Principal 5 6 A B D 7 Interest rate Term of loan (years) 8% 3 12 10 10 30 15 5 $12,000 60,000 75,000 4,000 8 9 10 Solution 11 12 13 14 15 Loan A Number of years Annual interest rate Present value Annual deposit 3 8% $12,000 16 17 18 19 20 Loan B Number of years Annual interact to 10 1207 Problem 5-47 D E F G H K L M N O P Q R. R S 17 Annual deposit 18 19 20 21 Loan B Number of years Annual interest rate Present value Annual deposit 10 12% $60,000 22 23 24 25 26 27 Loan C Number of years Annual interest rate Present value Annual deposit 30 10% $75,000 28 29 30 31 32 33 Loan D Number of years Annual interest rate Present value Annual deposit 5 15% $4,000 34 35 36 37 38 Requirements Points Problem 5-47 3 4:37 28 $75,000 Present value Annual deposit 29 30 31 32 33 Loan D Number of years Annual interest rate Present value Annual deposit 5 15% $4,000 34 35 36 37 Points 1 1 40 38 Requirements 1 In cell E17, by using cell references to the given data and the function PMT, calculate the annual 39 payment for loan A. Note: the annual payment will be a negative value since it is a cash outflow. 2 In cell E23, by using cell references to the given data and the function PMT, calculate the annual payment for loan B. Note: the annual payment will be a negative value since it is a cash outflow. 3 In cell E29, by using cell references to the given data and the function PMT, calculate the annual payment for loan C. Note: the annual payment will be a negative value since it is a cash outflow. 4 In cell E35, by using cell references to the given data and the function PMT, calculate the annual payment for loan D. Note: the annual payment will be a negative value since it is a cash outflow. 5 Save the workbook. Close the workbook and then exit Excel. Submit the workbook as directed. 1 41 1 42 43 0 44 45 Problem 5-47