Calculate Payment:

PMT Function $-$ Use the PMT Function to calculate the payment. Remember that the Yearly Periodic Rate is the Rate divided by the number of Months. Please review this tutorial: Excel PMT$()$ Function Basics for help.

You will calculate the payment quote for each customer.

$7.$ Calculate the periodic rate of the loan in cell K$3.$

$8.$ Copy using the Fill Handle the Periodic Rate in cell K$3$ to into the Range K$4$:K$10.$

$9.$ Delete out any Rate value for those customers that were denied.

$10.$ Use the PMT Function in cell L$3$ to calculate the payment. Make sure to return a positive value.

$11.$ Copy using the Fill Handle the Payment in cell L$3$ to into the Range L$4$:L$10.$

$12.$ Delete out any Rate value for those customers that were denied.