Excel Exercise: See ILLUSTRATION $9-10$ in your Text Book $-$ Loan Amortizatioon Schedule

The owner of a chain of restaurants would like to purchase new deep fat fryers for his restaurants for $$25,000$ each.

However, he can only afford a down payment of approximately $20\%$ and therefore needs to finance the balance.

His bank offers to make him a $5-$year loan at an interest rate of $5\mathrm{.}0\%.$ He wants you to calculate what his

debt service payment would be and to prepare an amortization schedule for him.