E27 A B C fx D E F G H K 1 Click on the "Loans PMT" tab and enter your name in Cell C1. If Cell C1 is left blank, you will not be able to see your score. 2 Each yellow cell requires a formula. 3 The formula must only contain cell addresses. M 4 Each correct formula will begin with, +, or -. 5 6 The basic mathematical operators are +, -, * and/ 7 Addition: To add the values in cells A1 and B4, the formula is =A1+B4 8 Subtraction: To subtract the value in cell B4 from the value in cell A1, the formula is =A1-B4 9 Multiplication: To multiply the values in cells A1 and B4, the formula is =A1*B4 10 Division: To divide the value in cell A1 by the value in cell B4, the formula is =A1/B4 11 12 Using the PMT function: 13 The PMT function has the following syntax: PMT(Rate,Nper,Pv,Fv,Type) 14 Note: To return the payment as a positive value, you must include a negative sign, either before the PMT or as a negative PV amount. 15 16 17 18 On January 1, 2024 the C Company borrows $70,000 cash by signing a 5-year, 8%, installment note, with semiannual interest payments. 1) Calculate the amount of each payment using the PMT function. 2) Prepare the amortization schedule for the loan. Enter a valid Excel formula or function in each of the yellow cells below. Formulas must refer to cell address(es). Entering a value will be marked as incorrect. Loan amount Term (years) Annual interest % Payments per year $70,000 5 8% 1) What is the amount of each semiannual loan payment?. The PMT function must be used, and formula must return a positive value. 2) Complete the amortization schedule for this note. All formulas must return a positive value. Semiannual Interest Period Beginning Balance Debit Interest Debit Notes Credit Cash Expense Payable Ending Balance c wants to buy a home, and is considering several financing options. C plans to borrow $190,000 with monthly payments. 1) Calculate the amount of each mortgage payment using the PMT function. 2) Calculate the total amount of mortgage payments and 3) the total amount of interest paid over the term of the mortgage under the following financing options. Enter a valid Excel formula or function in each of the yellow cells below. Formulas must refer to cell address(es). Entering a value will be marked as incorrect. Mortgage amount Payments per year $190,000 12 Financing Term (years) Annual interest Option rate 1) Monthly payment 2) Total payments over term 3) Total interest paid over term 1 25 8.0% 2 20 7.0% 3 30 7.5% 4 25 9.0% c wants to buy a car and is considering several financing options. The car C wants to buy costs $17,000. 1) Calculate the amount of each monthly car payment using the PMT function. 2) Calculate the total amount of the car payments and 3) the total amount of interest paid over the term of the loan under the following financing options. Enter a valid Excel formula or function in each of the yellow cells below. Formulas must refer to cell address(es). Entering a value will be marked as incorrect. Amount financed Payments per year $17,000 12 Financing Term (years) Annual interest Option rate 1) Monthly payment 2) Total payments over term 3) Total interest paid over term 1 5 8.0% 2 3 7.0% 3 6 7.5% 4 4 9.0%