Question: 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

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.

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 ($).

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