Enter formulas and functions to complete the requirements of this problem. To compute present values
	(i.e., present value of interest payments) use the MS Excel PV function.
	Information provided:
	Debt		$1,600,000
	Years		20
	Interest rate (private placement)		10%
	Out-of-pocket costs (private placement)		$20,000
	Interest rate (public placement)		9%
	Underwriting spread		2%
	Out-of-pocket costs (public placement)		$120,000
	Stated discount rate		12%
			Private	Public
	Debt issue		FORMULA	FORMULA
	Out-of-pocket costs		FORMULA	FORMULA
	Spread		FORMULA	FORMULA
	Net amount to Landers		FORMULA	FORMULA
	Interest payments (semiannual)		FORMULA	FORMULA
	Present value of interest payments		FORMULA	FORMULA
	Present value of maturity value		FORMULA	FORMULA
	Net present value		FORMULA	FORMULA

	Enter formulas and functions to complete the requirements of this problem. To compute present values
	(i.e., present value of interest payments) use the MS Excel PV function.
	Information provided:
	Debt		$1,600,000
	Years		20
	Interest rate (private placement)		10%
	Out-of-pocket costs (private placement)		$20,000
	Interest rate (public placement)		9%
	Underwriting spread		2%
	Out-of-pocket costs (public placement)		$120,000
	Stated discount rate		12%
			Private	Public
	Debt issue		FORMULA	FORMULA
	Out-of-pocket costs		FORMULA	FORMULA
	Spread		FORMULA	FORMULA
	Net amount to Landers		FORMULA	FORMULA
	Interest payments (semiannual)		FORMULA	FORMULA
	Present value of interest payments		FORMULA	FORMULA
	Present value of maturity value		FORMULA	FORMULA
	Net present value		FORMULA	FORMULA