1. In cell C17, enter a formula using the CUMIPMT function to calculate the cumulative interest paid on the loan after the first year (payment 1 in cell C15 through payment 12 in cell C16) when the payments are made at the end of the period. Use 0 as the type argument in your formula.

   The Mobile Vegan Expansion Plan
   Amortization Schedule
   	Conditions		Add 1 Truck
   	Loan amount (pv)		$56,000
   	Annual interest rate		4.50%
   	Monthly interest rate (rate)		0.42%
   	Loan period in years		5
   	Loan period in months (nper)		60
   	Monthly Payment Due		($1,057)
   	Start date of loan		1/2/2019
   	Cumulative Interest and Principal Payments per Year
   		Year 1	Year 2	Year 3	Year 4	Year 5
   	Months	1	13	25	37	49
   		12	24	36	48	60	Total
   	Interest						$0
   	Principal						#NAME?
   	Principal Remaining	$56,000	$56,000	$56,000	$56,000	$56,000