Question
A B 1 LOAN 2 Annual (end-of-year) repayment =PMT(B3,B4,-B5) 3 Interest rate, i 4 Years, n 15 5 Amount of Loan from bank $250,000 Refer
| A | B | |
|---|---|---|
| 1 | LOAN | |
| 2 | Annual (end-of-year) repayment | =PMT(B3,B4,-B5) |
| 3 | Interest rate, i | |
| 4 | Years, n | 15 |
| 5 | Amount of Loan from bank | $250,000 |
Refer to the screenshot above. Jack seeks a loan of $250,000 from his bank. If repayments are annual in arrears (end-of-year), and his bank charges 22% p.a compounding monthly, what is the value he needs to enter to cell B3? (Answer in percentage to two decimal places, do not include % sign eg. 12.00)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
The House That Bogle Built How John Bogle And Vanguard Reinvented The Mutual Fund Industry
Authors: Lewis Braham
1st Edition
0071749063,0071751157
