Question: Give the Excel formula to solve the problem (2 points), and then solve the problem (2 points) Such as PV(rate=0.03, nper=5, FV=1000) Today, you signed

Give the Excel formula to solve the problem (2 points), and then solve the problem (2 points)

Such as PV(rate=0.03, nper=5, FV=1000)

Today, you signed a 20-year long-term note to borrow $48,350, with a 6% interest rate. You will pay-off the borrowing with 20 annual payments (annuity) each payed at the end of the following 20 years, starting one year from today. What is the amount of each payment?

Same facts as C, but your first payment is due today, and each payment is due at the beginning of the year, what is the amount of each payment?

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