Question: Practice Prob. 1) Create a one-way horizontal data table for the calculation of the interest payment for a given period for an investment based on

Practice Prob. 1) Create a one-way horizontal data table for the calculation of the interest payment for a given period for an investment based on periodic, constant payments and a constant interest rate.Use the IPMT(rate, per, nper, pv, [fv], [type]) function and assume the following parameters:

rate =4.0% to 6.5%(annual rates in 0.5% increments) [Row Value]

per=60th month(the month of interest)

nper =360 month(term of the investment)

pv= $250,000(amount borrowed and loaned)

The answer for the above question is $958.15. What I don't understand is how to calculate the interest rates for the table.

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