Question: please show all work using formulas, not excel Instructions: Show all of your work for maximum credit using the formulas. There are 30 points possible.

please show all work using formulas, not excel

Instructions: Show all of your work for maximum credit using the formulas. There are 30 points possible. 1) (12 points) Suppose you borrowed $13,000 for 5 years with monthly payments at an APR of 8%. What is the monthly payment? (This is an ordinary annuity). Amortize the first three payments. Set up a table like the one below: Payment number Payment Interest Principal Remaining Balance 1 2 3 How much in interest will you pay over the life of the loan

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