Question
I need an excel formula for the following questions, please. #3. A business takes out a loan for $250,000 at 4.8% interest compounded monthly. If
I need an excel formula for the following questions, please.
#3. A business takes out a loan for $250,000 at 4.8% interest compounded monthly. If the business can afford to make monthly payments of only $1,500 on the loan, what is the formula to calculate the number of months required to repay the loan completely? What is the formula result?
4. Redo your calculations from question #3 to assume that the business can afford only a $1,000 payment. What is the revised formula and resulting value?
5. A business takes out a 10-year loan for $250,000 at 5.3% interest compounded monthly. What is the formula to calculate the monthly payment and what is the resulting value?
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Financial Reporting Financial Statement Analysis And Valuation
Authors: James M Wahlen, Stephen P Baginskl, Mark T Bradshaw
10th Edition
0357722094, 978-0357722091
