This I do not understand. I know how to do it but it does not state a year in which it would be paid off. so is there a way to do it with out that.

Paste BIU V a. Au D6 4Xfx A B D E F G H 1 1 Problem 5 20 points 2 Compute the following using Excel. 3 4 A. You want to buy a yacht. It cost $71,000. The interest rate is 8.5%. You will make a monthly payment. 5 Use the payment function to compute the monthly payment. 6 7 8 9 10 B. You want to buy a yacht. It cost $71,000. The interest rate is 8.5%. You will make an annual payment. 11 Use the payment function to compute the annual payment. 12 13 14 15 Paste BIU V a. Au D6 4Xfx A B D E F G H 1 1 Problem 5 20 points 2 Compute the following using Excel. 3 4 A. You want to buy a yacht. It cost $71,000. The interest rate is 8.5%. You will make a monthly payment. 5 Use the payment function to compute the monthly payment. 6 7 8 9 10 B. You want to buy a yacht. It cost $71,000. The interest rate is 8.5%. You will make an annual payment. 11 Use the payment function to compute the annual payment. 12 13 14 15