Question: Use the PMT function in Excel to compute the monthly payment on a $328000 business loan at an annual interest rate of 7.15% over 20

Use the PMT function in Excel to compute the monthly payment on a $328000 business loan at an annual interest rate of 7.15% over 20 years, where the interest is compounded monthly. Hint: The PMT (Payment) function is entered in Excel as =PMT(Rate, Nper, Pv, Fv, Type) Fv and Type are not necessary. Ignore them. Enter the amount of your monthly payment below. Do not include the dollar sign ($)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Use the PMT function in Excel to compute the monthly payment on a home each month if you borrowed $460,000 at an annual interest rate of 5.35% over 30 years, where the interest is compounded monthly....

Use the PMT function in Excel to compute the monthly payment on a car each month if you borrowed $35400 at an annual interest rate of 5.56% over 6 years, where the interest is compounded monthly....

Use the PMT function in Excel to compute the monthly payment on a home each month if you borrowed $630,000 at an annual interest of 4.04% over 20 years, where the interest is compounded monthly....

Your success in business thus far has put you in a position to purchase a home for $500,000 located close to the university you attend. You plan to pay a 20% down payment of $100,000 and borrow the...

You and your fellow classmate have come up with an idea for a sent-free hand sanitizer. This idea came as a result of you having a constant headache from all of the different hand sanitizer smells in...

Do the Math 9-3 Rent Versus Buy Alex Guadet of Nashville, Tennessee, has been renting a two-bedroom house for several years. He pays $900 per month in rent for the home and $300 per year in property...

Exercise 2 Rename Sheet 2 Financial Functions Use Excel Spreadsheet to Solve the Questions Below: 1. a loan of 10,000$ with monthly payment over 3 years with an annual interest rate of 12% and a O...

Table 14.1 Amortization Payment Factors per $1,000 Borrowed Amount of Monthly Payment per $1,000 Borrowed Term of Annual Interest Rate Loan 4.5% 6% 7.5% 9% 10.5% month 1003.75000 1005.00000...

How much total interest was paid after payment 135 ? Use the amortization table for payments 131-152 of a mortgage below to answer the questions. Loan Amount Interest Rate (annual) Term (Years)...

What is the remaining principal after payment 140 ? Use the amortization table for payments 131-152 of a mortgage below to answer the questions. Loan Amount Interest Rate (annual) Term (Years)...

What are the Challenges for an enterprise in the international market during COVID-19?

Stockton Company adds materials at the beginning of the process in Department M. Data concerning materials used in March production are as follows: 50,000 units Started during March Completed and...

A tim has tonts on the mael mating ama payments, with 1 4 years to maturiy, a par value of $ 7 , 0 0 0 , and a current price of $ 4 , 1 0 8 . 6 0 . At this price tre don's yed 1 5 percent. Wihat is...

A solution is prepared by mixing 43.5 mL of octane, C8H18, with 125 mL of benzene, C6H6. ( density of octane= 0.703 g/mL, density of benzene= 0.876 g/mL) What is the density of the solution?

2. People who prefer smooth consumption over time should a. base their consumption on current income rather than lifetime resources. b. increase saving when current income falls below permanent...

4. According to models of households with time-inconsistent preferences, people would like to commit themselves to more in the future, but when the future arrives they are tempted to more than they...

1. The Keynesian consumption function predicted that the saving rate should as the economy gets richer over time, but the data assembled by Simon Kuznets showed instead that the saving rate . a....