Question: How do you calculate this function on Excel to get the answer provided? Akron Corporation has borrowed $1.2 million from a bank with the understanding

How do you calculate this function on Excel to get the answer provided?

Akron Corporation has borrowed $1.2 million from a bank with the understanding that they will pay $50000 a month until it pays off the loan. The bank will charge 9% annual interest, compounded monthly. Akron will make the payments at the end of each month. Find the following:

a) How long will it take Akron to pay off the loan; (Answer: 26.56 months)

b) What is the balance of the loan after 24 months? (Answer: $126274.02)

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