Hi,

I need help for this Excel assignment. Question is:

b- Prepare two what-if scenarios: 1) change the payback period to 48 months and determine the monthly payment amount. 2) change the annual interest rate to 5% and determine the monthly payment amount.

How did they get the answer below?

Loan Amount	$ 2,000,000
Payback period (months)	36
Interest rate (annual)	6.50%
Monthly payment	$61,298.01
				Months
			$61,298.01	24	30	36	42	48
		Interest Rate	5.00%	$87,742.78	$71,058.73	$59,941.79	$52,006.07	$46,058.59
			5.50%	$88,191.31	$71,507.42	$60,391.80	$52,458.05	$46,512.95
			6.00%	$88,641.22	$71,957.84	$60,843.87	$52,912.43	$46,970.06
-------->			6.50%	$89,092.50	$72,409.97	$61,298.01	$53,369.22	$47,429.91
			7.00%	$89,545.16	$72,863.81	$61,754.19	$53,828.40	$47,892.49
			7.50%	$89,999.19	$73,319.38	$62,212.44	$54,289.98	$48,357.80
		Solver:
		Loan Amount	$2,000,000
		New Monthly Orders	7.407407
		Amount per Order	$ 7,500.00
		Months to payback	36	=	36