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

Using Excel to Account for Notes Payable

PROBLEM

Student Work Area

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

Required: Provide input into cells shaded in yellow in this template. Use Excel's RATE $2020,$ and received a piece of equipment. The note requires annual interest function with cell references to the Problem and work areas to calculate the implicit payments each December $31.$ Information concerning the note follows.

Face value of note

$$50,000$

Stated interest rate

Note term in years

$5$

$\backslash$table$[[5\%$