Question: Can I please get the answer using the excel formulas used for the calculations? I can do it by hand I just don't know how
Can I please get the answer using the excel formulas used for the calculations? I can do it by hand I just don't know how to do the excel formulas for the problem.
Problem 5-26 You have an outstanding student loan with required payments of $500 per month for the next four years. The interest rate on the loan is 9% APR (monthly). You realize your best investment is to prepay your student loan, so you decide to prepay as much as you can cach month. Looking at your budget, you can afford to pay an extra $250 per month in addition to your required monthly payments of $500, or $750 in total each month. How long will it take you to pay off the loan? Original payment Years remaining APR New payment Periods per year 500 9% 750 12 Monthly Rate Periods remaining Loan balance Periods to payoff
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
