Imagine that you borrowed $25,000 through a home equity loan with a variable rate. The loan is non-amortizing (the payment will be only interest now, with the principle being paid in a lump-sum at the end of the loan term).

The monthly payment will be based on the larger of:

1. The prime rate, or,
2. 7.00% APR

Create a VBA function to calculate the loans payment.

Test it out on the dataset provided.

1 Loan Amount $25,000.00 2 3 VBA Function to Calculate 4. Prime Rate APF Monthly Loan Payment 5 4.00% 6 5.25% 7 6.00% 00 6.79% 9 7.05% 10 7.50% 11 8.00% 1 Loan Amount $25,000.00 2 3 VBA Function to Calculate 4. Prime Rate APF Monthly Loan Payment 5 4.00% 6 5.25% 7 6.00% 00 6.79% 9 7.05% 10 7.50% 11 8.00%