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Loan Details Monthly (Beginning-of-month) Payment (PMT) Effective Annual Rate Monthly interest rate (RATE) Months to Pay Off Loan (NPER) 36 Amount of Loan from Bank
Loan Details Monthly (Beginning-of-month) Payment (PMT) Effective Annual Rate Monthly interest rate (RATE) Months to Pay Off Loan (NPER) 36 Amount of Loan from Bank (PV) $5,000.00 Recreate the above in excel. You seek to borrow $5,000 from a friend. You promise to repay the loan in 36 monthly repayments commencing today. If the effective annual interest (EAR) rate is 27.6% what is the amount of the monthly repayment? (answer do not include $ sign; show cents eg 100.00, and should be a positive number)
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