1.The PMT function in Excel calculates:

Select one:

a. the payment amount on a loan based on constant payments, regular payment intervals and a constant interest rate.

b. the amount of principal repaid in a given loan repayment period

c. a monthly salary based on interest rates, years of employment and bonuses.

d. the amount of interest in a loan repayment

2.3.

Loan Details Monthly (End-of-month) Payment (PMT) $680.66 Monthly interest rate (RATE) 1.15% Months to Pay Off Loan (NPER) 48 Amount of Loan from Bank (PV) $25,000.00 Recreate the above table in your own version of excel. The borrower wants to repay the loan in 66 months. What will be the new monthly repayment? (answer to exclude $ sign and to include cents eg 680.66) A B 1 2 3 4 Loan of $420,000 i, nominal rate per annum i/m, rate per month n (years) m 6 n*m, number of monthy repayments Loan End of month repayment 5 4.50% 0.38% 4.3 12 51.40 $420,000 $9,000.00 7 8 Recreate the above table in your own version of excel. At a rate of 4.5%p.a compounding monthly, to repay the loan you see that 51 full repayments of $9,000 are required in addition to a smaller final repayment. If the interest rate is changed to 12.3% p.a. compounding monthly, how many full repayments of $9,000 will be required to repay the loan? (answer by rounding down to whole numbers to reflect full repayments eg 51)