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Can someone show me this solution in Excel? Make Me Rich Inc., new multi-level marketing company, based in Slickville, Utah, borrows $7,000,000 from Tony the
Can someone show me this solution in Excel?
Make Me Rich Inc., new multi-level marketing company, based in Slickville, Utah, borrows $7,000,000 from Tony the fish Bandino, your past missionary companion. Tony does no confidence in the companys ability to pay him when the loan is due in five years. Calculate how much the company would need to deposit in a sinking fund (think retirement account) on a monthly basis so that the fund has $6,000,000 at the end of the loan. Assume a nominal interest rate of 5%.
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