Hide Assignment Information

Instructions

You have taken out a loan of $$15,000$ to purchase a new car. The loan has an annual interest rate of $5\%$ and needs to be repaid over $1$ year with monthly payments.

Task:

Open Google Sheets and create a new spreadsheet.

Calculate the monthly payment using the PMT function in Google Sheets.

Create an amortization schedule showing the breakdown of each monthly payment into principal and interest, along with the remaining balance.