Question: Mann Co. is preparing an Excel spreadsheet for Its 5-year, 6%, $400,000 installment notes. The notes were issued on January 1 for $421,236. Installment

Mann Co. is preparing an Excel spreadsheet for Its 5-year, 6%, $400,000 installment notes. The notes were issued on January 1 for $421,236. Installment payments are payable each December 31. A portion of the spreadsheet appears as follows: A Period 0 1 2 B Effective rate: Cash payments: Term to maturity in years: Cash Payment C 0.06 100,000 5 Interest Expense D Change in Balance E Outstanding Balance What formula should Mann use in cell E8 to calculate the outstanding balance (book value) of the notes after the second interest payment?

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