In cell B18, use the RATE function to calculate the annual interest rate for loan option 2 if payments are made at the end of each month. Use cell references for all arguments. Increase the number of decimal places to 2.

x15Coffee Beanlacob - Excel AutoSave (O O Jacob Bean File Formulas Review View Help Tell me what you want to do Share Comments Home Insert Page Layout Data B Trace Precedents Show Formulas Trae DependeitsEror Checkingg Remove Arrows Evaluate Formula foxE Detine Name - Caloulate Now Lea Use in Furmula AutoSum Rerently Financial Logical Text Date & Lockup & Math & re Name Watch Calculation Insert Calculate Sheet Used Time Reference Trig Functions Create from Sclection Function Maager Winduw Oplions Fommuls Audtng Functicn Library Defined Names Calculsticn |1 L A C D F G K N O P R 1 Chloe's Coffee Shop 2 3 Loan Analysis - Option 1 4 218,000.00 5 Loan Amount 6 Internst Rate 7.20 % 7 Term uf Loan (years) 10 8 Payments per Year 9 Monthly Payment (end of period) 12 10 Monthly Payment (beginning of period) 11 12 Loan Analysis Option 2 13 14 Loan Amount $218,000.00 15 Monthly Payment 16 Term of Loan lyears) 17 Payments per Year 18 Interest Rate (end of period) 19 Interest Rate (beginning of poriod) $2,200.00 10 12 20 21 Loan Analysis Option 3 22 23 Loan Amount $218,000.00 24 Interest Rate 7.20% 25 Monthly Payment (end of periad) 26 Total Number of Payments (end of period) 27 Term of loan in years $2,200.00 LoanAnalysis NPV Depreciation DescriptiveStatistics DailyStats MonthlyStats Correlations # P-- Ready +100% 1037 AM O Type here to search d 11/11/2019 x15Coffee Beanlacob - Excel AutoSave (O O Jacob Bean File Formulas Review View Help Tell me what you want to do Share Comments Home Insert Page Layout Data B Trace Precedents Show Formulas Trae DependeitsEror Checkingg Remove Arrows Evaluate Formula foxE Detine Name - Caloulate Now Lea Use in Furmula AutoSum Rerently Financial Logical Text Date & Lockup & Math & re Name Watch Calculation Insert Calculate Sheet Used Time Reference Trig Functions Create from Sclection Function Maager Winduw Oplions Fommuls Audtng Functicn Library Defined Names Calculsticn |1 L A C D F G K N O P R 1 Chloe's Coffee Shop 2 3 Loan Analysis - Option 1 4 218,000.00 5 Loan Amount 6 Internst Rate 7.20 % 7 Term uf Loan (years) 10 8 Payments per Year 9 Monthly Payment (end of period) 12 10 Monthly Payment (beginning of period) 11 12 Loan Analysis Option 2 13 14 Loan Amount $218,000.00 15 Monthly Payment 16 Term of Loan lyears) 17 Payments per Year 18 Interest Rate (end of period) 19 Interest Rate (beginning of poriod) $2,200.00 10 12 20 21 Loan Analysis Option 3 22 23 Loan Amount $218,000.00 24 Interest Rate 7.20% 25 Monthly Payment (end of periad) 26 Total Number of Payments (end of period) 27 Term of loan in years $2,200.00 LoanAnalysis NPV Depreciation DescriptiveStatistics DailyStats MonthlyStats Correlations # P-- Ready +100% 1037 AM O Type here to search d 11/11/2019