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.

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)

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