Loan

The scenario below includes data for multiple loans. Use the data to find out more information about the loan payments for each account.

Whenever possible, reference values instead of hardcoding or typing them. E$.$g$.,$ reference $12$ instead of typing it

Checklist

Annual Loan Payment: Use the formula above to compute the annual loan payment. Format answers as accounting with $0$ decimal places

Note that the interest rate is i$,$ the amount borrowed is p$,$ and the number of payments is n$.$ Also note that the equation is asking for negative n $(-$n$)$

Monthly Loan Payment: Compute the monthly payment. Reference $12$ instead of typing it$.$ Format answer as accounting with $0$ decimal places

Average Monthly Loan Payment: Use Excel functions to compute the average Monthly Loan Payment. Use shortcut keys to select the data.

Above $/$ Below Monthly Average: If an account's monthly loan payment is above the average, display 'Above'. If not, display 'Below'.