I need help with the excel formulas. I know most of the anwsers but i need help on what formulas to type in for the cells

AutoSave Excel Template - Excel Search Normal Bad Good 1 Conditional Formatas Calculation Formatting Table Check Cell Explona Styles File Home Insert Page Layout Formulas Data Review View Help X Cut Calibri 12 AA == 2 Wrap Tort General ~ Paste Co Copy BIU. Format Painter A Merge & Center $ -% 98 Clipboard Font Alignment Number A3 X P14-46 Using Excel for long-term notes payable amortization schedule B D E F H 1 K 1 Chapter 14 2 Using Excel 3 schedule L M N o P Q R 7 9 10 11 15 c. 5 Patrick's Delivery Services is buying a van to help with deliveries. The cost of the vehicle is $35,000, the interest rate is 6%, and the loan is for three years. 6 The van is to be repaid in three equal installment payments. Payments are due at the end of each year. 8 Requirements 1. Complete the data table. 2. Using the present value of an ordinary annuity table, calculate the payment amount and complete the amortization schedule. Use the effective interest amortization method. 12 a. Calculate the loan payment by dividing the loan amount by the appropriate present value factor. 13 b. Round values to two decimal places. 14 Calculate the interest expense in the third year as the loan payment minus the loan balance at the beginning of the third year. Use absolute cell references and relative cell references in formulas. 16 17 3. Using the Excel PMT function, calculate the payment amount and complete the amortization schedule. 18 Use the effective interest amortization method. 19 a. The PMT function calculates a payment amount that results in a negative number. Reverse this to a positive number for calculations in the amortization schedule. 20 b. Round values to two decimal places. 21 Calculate the interest expense in the third year as the loan payment minus the loan balance at the beginning of the third year. 22 c. Use absolute cell references and relative cell references in formulas. 23 24 Excel skills 25 1. Formulas using both absolute and relative cell references. 26 2. PMT function 27 28 Excel Hints 29 30 The PMT function uses the interest rate, the number of periods, and the loan amount in that order). 31 To calculate the payment amount for a loan of $3,000 at 4% for 5 years, the formula would be 32 EPMT(4%, 5, 3000) 33 ($673.88) 34 35 36 Autolave Home X Cut Bece_Template - Gecel View Page Layout Formulas Calibri -11AA General Bad Good 2 Wrap Merge & Center - $ Normal Conditional formulation Formatting Table 969 Check Cell of Format planetary 616 D E F G H 1 M N DATA Joan Amount interest Rate Periods . 10 11 12 13 14 15 16 17 18 19 | Requirement 2 Using the present value of an ordinary annuity table, calculate the payment amount and complete the amortization schedule. Use the effective interest amortization method. Calculate the loan payment by dividing the loan amount by the appropriate present value factor bu Round values to two decimal places. Calculate the interest expense in the third year as the loan payment minus the loan balance at the beginning of the third year. Use absolute cell references and relative cell references in formulas. Payment in VINO Present Value of an Ordinary Annuity 51 Period Beginning Principal Total Ending Payment 1046 Experte Balare 1 091 1 18 1.7833 1.7355 3 2629 1485 33120 Total 5 42124 3.9923 3.7900 O 12 Requirement Using the Excel PMT function, calculate the payment amount and complete the amortization schedule. Use the effective interest amortization method. The PMT function calculates a payment amount that results in na negative number Reverse this to a positive number for calculations in the amortization schedule b. Round values to two decimal places. Calculate the interest expense in the third year as the loan payment minus the loan balance at the beginning of the third year c. Use absolute cell references and relative cell references in formulas. 3 Payment (using PMT function) Period Beginning Balance Principal Payment Interest Expense Total Payment Ending Balance 2 5 0 1 2 3 Total 5