Nelly Company borrowed $5,000 a 3-year, 4.00% installment loan, with MONTHLY payments. Note that we need to modify the interest rate for MONTHLY payments= RATE/12. 1. Enter 0; enter 1 below it; 5. =D15+E15 then drag box in lower right corner down 4. Erate/12* G14 2. Loan balance goes here. 6. =G14 +F15 INTEREST PMT EXPENSE PRINCIPAL REDUCTION PERIOD LOAN BAL 3. Enter formula: =PMT(rate/12,36, loan-amt) 7. After instructions 3, 4, 5, and 6, SELECT CELLS D15, E15, F15, G15... and drag this corner down to G50... hope the loan balance ends at $0.00