Question: Use the PMT function in Excel to compute the monthly payment on a $ 4 6 3 0 0 0 business loan at an annual

Use the PMT function in Excel to compute the monthly payment on a $463000 business loan at an annual interest rate of 7.63% over 10 years, where the interest is compounded monthly. Hint: The PMT (Payment) function is entered in Excel as =PMT(Rate, Nper, Pv, Fv, Type). Fv and Type are not necessary. Ignore them. Enter the amount of your monthly payment below. Do not include the dollar sign ($).

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