Cumulative Interest The CUMIPMT function is used to calculate the total interest paid between two periods. This function accepts 6 required arguments: Syntax: Arguments: CUMI PMT (rate, nper, pv, start_period, end_period, type) Rate the periodic interest rate. Nper - the total number of payment periods PV - the present value of the loan Start period - the first period in the calculation, payment periods are numbered beginning with 1. End_period- the last period in the calculation Type - the timing of the payment 0 Payment at the end of the period (this is most common and is used for loans such as auto loans and home mortgages) O 1 - payment at the beginning of the period **The Type argument is required for the CUMI PMT and CUMPPMT functions; you may have to scroll down to see it.

Cumulative Interest The CUMT PMT function is used to calculate the total interest paid between two periods. This function accepts 6 required arguments: Syntax: CUMI BMT (rate, nper, pv, start_period, end_period, type) Arguments: - Rate - the periodic interest rate. - Nper - the total number of payment periods - PV - the present value of the loan - Start_period-the first period in the calculation, payment periods are numbered beginning with 1 . - End period-the last period in the calculation - Type - the timing of the payment - 0 - Payment at the end of the period (this is most common and is used for loans such as auto loans and home mortgages) - 1 - payment at the beginning of the period **The TYpe argument is required for the CUMIPMT and CUMPPMT functions; you may have to scroll down to see it. Cumulative Interest to be calculated for that year in cell E8. Note that the start period for year 2 is 13 and the end period is 24 . Your function will need to calculate the start and end periods automatically, Keep the following in mind: - The end period for year 2 is month 24 . That's just 212, or the year number multiplied by the number of payments per year. - The start period for year 2 is month 13, which is just one period more than the end period for year 1, or (year number - 1) multiplied by the number of payments per year plus one additional payment. Your formula should be flexible enough that the user of the worksheet can change the year in cell E7 and determine the interest paid in that year. Your formula should also be flexible enough that if the payments/year changes (for quarterly payments instead of monthly) the interest paid in the year can be successfully calculated. For the purposes of checking formulas: the amount of interest paid, using the values specificd above for price, down payment, ete., are: 1 1 1 Submission: 6,564.59 Once you have completed this lab, upload you Excel file to Canvas as the Financial Functions Lab 3 assignment for credit