4. In cell H4, enter a formula with the PV function that uses the rate per quarter (cell H10), the total payments (cell H8), and the quarterly payment amount (cell H11) to calculate the present value of the loan Canyon Transport can afford if the quarterly payments are $15,000 over a 10-year period.

5. Now Elena asks you to calculate the annual principal and interest payments for the airport shuttle service expansion. Go to the Loan Details worksheet. In cell B9, enter a formula using the CUMPRINC function to calculate the cumulative principal paid for Year 1 (payment 1 in cell B7 through payment 4 in cell B8). Use 0 as the type argument in your formula because payments are made at the start of the period. Use absolute references for the rate, nper, and pv arguments, which are listed in the range A3:G3.