Question: Questions 2 is to be done using Excel - Total Payment; Interest Payment and Principal Payment are to be calculated using the financial functions in

Questions 2 is to be done using Excel - Total Payment; Interest Payment and Principal Payment are to be calculated using the financial functions in excels.

Grades will assigned based on the use of these formulas

Question 2

Carona has just taken a loan at an annual rate of15%. She plans to repay it over 2 years, paying $52 250 at the beginning of each monthly.

How much did Carona borrow? [5 marks]
Prepare the loan amortization schedule [12 marks]
If payments are made at the end of each month, what is the effective annual rate of the loan? [3 marks]

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