Question: Include Excel formula dont just give me the answer! 38. Suppose you are borrowing $25,000 and making monthly payments with 1% interest. Show that the

Include Excel formula dont just give me the answer!

38. Suppose you are borrowing $25,000 and making monthly payments with 1% interest. Show that the monthly payments should equal_ $556.11. The key relationships are that for any month t (Ending month t balance) = (Ending month t1 balance ) - ((Monthly_payment ) - ( Month t intererest ) ) (Month t interest )= (Beginning month t balance) X (Monthly interest rate )

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