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I need the EXCEL formula for the following questions, please. What is the formula to calculate how much a savings account would be worth if
I need the EXCEL formula for the following questions, please.
- What is the formula to calculate how much a savings account would be worth if the initial balance is $1,000 with monthly deposits of $75 for 10 years at 4.3% annual interest compounded monthly? What is the formula result?
- You want a savings account to grow from $1,000 to $5,000 within two years. Assume the bank provides a 3.2% annual interest rate compounded monthly. What is the formula to calculate how much you must deposit each month to meet your savings goal? What is the formula result?
- 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?
- 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?
- 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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