Question: Use the appropriate function(s) in Excel to answer the following questions. How much would your monthly payment be on a 3-year loan if the following

Use the appropriate function(s) in Excel to answer the following questions. How much would your monthly payment be on a 3-year loan if the following assumptions were true? You borrowed $6,500 The fixed APR on the loan is 5 3% . Note: A fixed APR is an annual interest rate that does not change during the 3year period . . You will make equal monthly payments to repay both the loan amount and the monthly interest charges You want to completely pay off the loan in exactly 3 years . Number (Round to the nearest cent, do not include a negative sign) Note: while this money is "Teaving your wallet" the negative sign should not be included in the numeric answer because t is already implied by the ward "payment" C What is the total amount that you would pay to the bank over this 3-year period? Hint Be sure to use your rounded answer from the previous step in the calculation of this answer Number (Round to the nearest cent, do not include a negative sign) How much total interest would you have paid to the bank? Number Round to the nearest cent, do not include a negative sign)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
