Function: RATE, Formula: Multiply, Subtract; Cell Referencing

Using Excel to Account for Notes Payable

PROBLEM

Snade Corporation issued a five$-$year note to Hames Corp. on January $1,2020,$ and

received a piece of equipment. The note requires annual interest payments each

December $31.$ Information concerning the note follows.

Face value of note

Stated interest rate

Note term in years

Value of equipment received

Market interest rate of similar notes. Solve and replace the red cells with the correct number with the formula and the correct account. Thank you, I will give thumb up$.$