Part $1-$ PMT

Rename the $1^{st}$ worksheet PMT

Calculate the following loans using the PMT function, be sure to clearly label your cells. Use Defined names in your calculations. Ensure to adjust column widths to Best Fit.

Loan #$1$

I want to borrow $$10,000$

I want to pay the loan back in $5$ years

I want to pay $2x$ per month

The interest rate I can get at a bank is $7\%$

$*$How much will I have to pay each payment?

Loan #$2$

I want to borrow $$5,000$

I want to pay the loan back in $3$ years

I want to pay $1x$ per month

The interest rate I can get at a bank is $6\%$

$*$How much will I have to pay each payment?

Part $2-$ PMT Table

Rename the $2$nd worksheet to Table,

Create the table below and use the variables to complete the first row. Adjust column widths so the data fits properly. Use Absolute value when necessary and autofill in your table.

$\backslash$table$[[\backslash$table$[[$Loan Term$],[($yrs$)]],\backslash$table$[[$Loan Term$],[($Total # of$],[$payments$)]],\backslash$table$[[$Amount of each$],[$payment$]],\backslash$table$[[$Total amount$],[$paid back to$],[$bank$]],\backslash$table$[[$Total interest$],[$on the loan$]]],[1,,,,],[2,,,,],[3,,,,],[4,,,,]]$

Table #$1$

The Variables are

$\backslash$table$[[$Annual Interest Rate,$6\%$