Question
I need help with the following excel problems. If it is possible to keep all of the work in a single excel file that would
I need help with the following excel problems. If it is possible to keep all of the work in a single excel file that would be greatly appreciated. Also formulas cannot contain numbers, just formulas.
1. You plan to retire in 30 years and you are investing $250 per month in the BMO Large-Cap Growth mutual fund. The fund has an average annual return of 13.45%. How much will you have at retirement?
2. You have decided to start your own bakery. Starting up the new business will require funding for store fixtures, ovens, mixers, refrigerators, and supplies. You have some money to invest in the business, but you don't have enough to fund everything. So, you have decided to go to the bank to ask for a loan. After looking at your revenue and expense projections, you have determined that you can make monthly loan payments of $1,425 on a ten-year loan. The interest rate on commercial loans is 8.50 percent. How much will the bank be willing to lend?
3. Upon retirement, you want to have enough money to provide an income of $5,000 per month for 35 years. Given a return of 8.0%, how much money will you need at retirement?
4. You recently purchased a car and financed the purchase with a $12,000 loan. The interest rate on the loan is 6.25% and you will be making monthly payments for 4 years.
a. Calculate the monthly loan payment.
b. Develop an amortization schedule for the loan.
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