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How to solve it using excel please Plan 3: Pay interest and portion of principal annually. The accrued interest and one-fifth of the principal (or
How to solve it using excel please Plan 3: Pay interest and portion of principal annually. The accrued interest and one-fifth of the principal (or $1000) are repaid each year. The outstanding loan balance decreases each year, so the interest for each year decreases. Four different loan repayment plans described below. Each plan repays a $5000 loan in 5 years at 8% per year compound interest. Plan 1: Pay all at end. No interest or principal is paid until the end of year 5. Interest accumulates each year on the total of principal and all accrued interest. Plan 2: Pay interest annually, principal repaid at end. The accrued interest is paid each year, and the entire principal is repaid at the end of year 5. Plan 3: Pay interest and portion of principal annually. The accrued interest and one-fifth of the principal (or $1000) are repaid each year. The outstanding loan balance decreases each year, so the interest for each year decreases
How to solve it using excel please
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