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Complete these two questions using time value of money functions in Excel. Make sure you get your answer using Excel functions - not typing in
Complete these two questions using time value of money functions in Excel. Make sure you get your answer using Excel functions - not typing in an answer that you get from a calculator. Question 1. What amount did you borrow if your monthly payments are $1,975 and the interest rate on your loan is 5.625%. Assume a 30-vear loan. Question 2. How much do you still owe on a loan if your payments are $2,099 and the interest rate is 5.875%. Assume you borrowed $200,000 and you have been making payments of $2,099 for the last 40 months
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