Question: Develop a general - purpose spreadsheet to calculate the balance due, principal payment, and interest payment for each payment period of a loan, assuming compounded

Develop a general

-

purpose spreadsheet to calculate the balance due, principal payment, and interest payment for each payment period of a loan, assuming compounded monthly.

The user inputs to the spreadsheet will be the total loan amount, loan term

(

in years

),

and the nominal annual interest rate.

Submit your analysis of a loan in the amount of $

60, 000

5.5 %

nominal rate for

36

months.

(

)

What is the monthly payment? $

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