Student Work Area

Problem $6\mathrm{.}13-$Computing Annuity Payment

PROBLEM

The Elkridge Bar & Grill has a seven$-$year loan of $$23,500$ with Bank of America. It

plans to repay the loan in seven equal installments starting today. The interest

rate is $8\mathrm{.}4\%.$

Loan Period

Loan Amount

Interest Rate

Answer the following:

If the rate of interest is $8\mathrm{.}4\%,$ how much will each payment be$.$

Payment

Answer Field

$100\%$ of your score.

Function: PMT; Cell reference.

Using the PMT function, reference the appropriate cells in

the Problem area. Do not leave any portion

the Problem area. Do not leave any portion of the formula

blank $-$indude $0\text{'}$s for information

blank $-$ include $0\text{'}$s for information not available. PMT $($rate$,$nper,pv$,$fv$,$type$)$