Question: How would you answer this using Excel? Please show step by step and formulas. Recently, Jamie and Jake each bought new cars. Both received a

How would you answer this using Excel? Please show step by step and formulas.

Recently, Jamie and Jake each bought new cars. Both received a loan from a local bank with a rate of 10% where payments are made at the end of each month, and they both pay the same monthly payment. Jamies loan is for $25,000; however, his loan matures at the end of 4 years (48 months), while Jakes loan matures in 5 years (60 months). After 48 months Jamies loan will be paid off, but what will be the remaining balance on Jakes loan?

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