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i need help solving 4a and 4b. the atudent loan amount is $32,736.00 below i have attache hed the problem and the financial formulas they
i need help solving 4a and 4b. the atudent loan amount is $32,736.00 below i have attache hed the problem and the financial formulas they want used.
4 Now, using the Student Loan Amount given below, perform each of the calculations indicated. Refer to the financial formulas section provided on the instructions Word document as needed. Format all financial amounts as Currency with the $ symbol and 2 decimal places, and all n and t entries as Number with 0 decimals. Financial formulas The following formulas, given in Excel format, may be useful for completing Major Assignment 3: Compound interest formula: If an initial amount P grows at an annual rate r with n compounding periods per year, then the value A of that amount after t years is given by the formula A=P(1+r)(nt) Future value of periodic payments (Savings Plan): If an amount P is contributed at the end of each of n periods per year for t years and the balance earns interest at an annual percentage rate of r, the total amount A accrued after t years is given by A=P((1+r)(nt)1)/(r) Loan payment formula: The amount PMT that must be paid n times per year for t years to pay off a loan principal amount of P at an APR of r is given by PMT=P(r)/(1(1+r)(nt)) Inflation rate formula: Given an old CPI value at one point and a new CPI value n years later, the n-year inflation rate IR is given by IR=(newCPIoldCPI)/(oldCPI)=(newCPI)/(oldCPI)1 Step by Step Solution
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