The accompanying Loans spreadsheet contains a partially completed spreadsheet model for computing the monthly payment for a loan. Complete the spreadsheet model by entering the formula for computing monthly payment in cell B6.

Click here for the Excel Data File

Create a vertical one-way data table that shows loan amounts in $10,000 increments from $70,000 to $370,000 and their monthly payment amounts, assuming the loan term and annual interest rate are 10 years and 8%, respectively. What is the monthly payment for a loan of $250,000?

Note: Round your answer to 2 decimal places.

Expand the spreadsheet model to include calculations for monthly interest payment and monthly principal payment. Create a vertical one-way data table that shows loan amounts in $10,000 increments from $70,000 to $370,000 and their monthly payment, interest payment, and principal payment amounts, assuming the loan term and annual interest rate are 10 years and 8%, respectively. What is the monthly payment, interest payment, and principal payment amounts for a $300,000 loan?

Note: Round your answers to 2 decimal places.

Create a two-way data table that shows loan amounts in $10,000 increments from $70,000 to $370,000 vertically and annual interest rates in 0.5% increments from 3% to 10% horizontally. Fill the table with monthly payment amounts for various loan amount and interest rate combinations. What is the monthly payment amount for a $350,000 loan with a 9% annual interest rate? Note: Round your answer to 2 decimal places.

Data:

Loan Payment Calculator Loan amount $150,000.00 Loan term (in years) 10 Annual interest rate 8% Monthly payment