Figure 1

Figure 2

Using Figure 1 and Figure 2 as the initial data, answer as the place you enter your solutions. Use Excel functions for your work, such as PMT, WahtIF() , and Goal()

Figure 1 shows a loan amount $150,000 with interest 8% and 30 years term, the monthly payment is $1,100.65, which is calculated by PMT() function. How much more you have to pay if the interest rate changes from 8% to 10% ? Show your work for both interest rate 8 and 10 at the worksheet Figure 1. Specify the change of Monthly payment at your answer worksheet for this question.

Simple Loan Calculation Model in Excel Loan Amount Interest Rate Number of Years $150,000 8.00% 30 360 Number of Months Interest Rate/Month 0.67% Monthly Loan Payment $1,100.65 Excel Spreadsheet Static Model Example of a Simple Loan Simple Loan Calculation Model in Excel Loan Amount Interest Rate Number of Years $150,000 8.00% 30 360 Number of Months Interest Rate/Month 0.67% Monthly Loan Payment $1,100.65 Excel Spreadsheet Static Model Example of a Simple Loan