Patrick's Delivery Services is buying a van to help with deliveries. The cost of the vehicle is $35,000, the interest rate is 6%, and the loan is for three years. The van is to be repaid in three equal installment payments. Payments are due at the end of each year.

The rest of the instructions are in the screenshots below. PLEASE HELP, and help show me how you did it as well. Thank you so much

A B F G H 1 J K L M N 0 P Q R S T V V W X Y Z 9 c. 1 Chapter 12 2 Using Excel P12-46 Using Excel for long-term notes payable amortization schedule 4 Patrick's Delivery Services is buying a van to help with deliveries. The cost of the vehicle is $35,000, the interest rate is 6%, and the loan is for three years. 6 The van is to be repaid in three equal installment payments. Payments are due at the end of each year. 7 8 Requirements 1. Complete the data table. 10 2. Using the present value of an ordinary annuity table, calculate the payment amount and complete the amortization schedule. 11 Use the effective interest amortization method. 12 a. Calculate the loan payment by dividing the loan amount by the appropriate present value factor. 13 b b. Round values to two decimal places. 14 Calculate the interest expense in the third year as the loan payment minus the loan balance at the beginning of the third year. 15 Use absolute cell references and relative cell references in formulas. 16 17 3. Using the Excel PMT function, calculate the payment amount and complete the amortization schedule. 18 10 Use the effective interest amortization method. a. The PMT function calculates a payment amount that results in a negative number. Reverse this to a positive number for calculations in the amortization schedule. 20 b. Round values to two decimal places. 21 Calculate the interest expense in the third year as the loan payment minus the loan balance at the beginning of the third year. 22 C. Use absolute cell references and relative cell references in formulas. 23 24 Excel Skills 25 1. Formulas using both absolute and relative cell references. 26 2. PMT function 27 28 Excel Hints 29 30 The PMT function uses the interest rate, the number of periods, and the loan amount (in that order). 31 To calculate the payment amount for a loan of $3,000 at 4% for 5 years, the formula would be a 32 =PMT(4%, 5, 3000) 33 ($673.88) $ 34 35 19 c 36 37 38 39 40 41 42 Instructions Amortization schedule + A B D D E F G H I J J K L M N 0 P Q R S T U 1 2 Requirement 1 Complete the data table. DATA 3 4 5 6 7 8 Loan Amount Interest Rate Periods 9 10 11 12 13 14 15 16 17 18 19 20 Requirement 2 Using the present value of an ordinary annuity table, calculate the payment amount and complete the amortization schedule. Use the effective interest amortization method. a. Calculate the loan payment by dividing the loan amount by the appropriate present value factor. b. Round values to two decimal places. Calculate the interest expense in the third year as the loan payment minus the loan balance at the beginning of the third year. c. Use absolute cell references and relative cell references in formulas. . Payment (using PV table) () Present Value of an Ordinary Annuity of $1 Period Beginning Balance Principal Payment Interest Expense Total Payment Ending Balance 6% 8% 10% 0 0 1 2 3 Total 1 2 3 4 5 0.9434 1.8334 2.673 3.4651 4.2124 0.9259 1.7833 2.5771 3.3121 3.9927 0.9091 1.7355 2.4869 3.1699 3.7908 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Requirement 3 Using the Excel PMT function, calculate the payment amount and complete the amortization schedule. Use the effective interest amortization method. a. The PMT function calculates a payment amount that results in a negative number. . Reverse this to a positive number for calculations in the amortization schedule. Round values to two decimal places. Calculate the interest expense in the third year as the loan payment minus the loan balance at the beginning of the third year. c. Use absolute cell references and relative cell references in formulas. . b. Payment (using PMT function) Instructions Amortization schedule + A J L L M N O P Q R S T U 34 35 36 37 38 B G G H b. Round values to two decimal places. Calculate the interest expense in the third year as the loan payment minus the loan balance at the beginning of the third year. Use absolute cell references and relative cell references in formulas. C. 39 Payment (using PMT function) 40 41 Period Beginning Balance Principal Payment Interest Expense Total Payment Ending Balance 0 1 2 3 Total 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 Instructions Amortization schedule +

Question

Patrick's Delivery Services is buying a van to help with deliveries. The cost of the vehicle is $35,000, the interest rate is 6%, and the loan is for three years. The van is to be repaid in three equal installment payments. Payments are due at the end of each year.

The rest of the instructions are in the screenshots below. PLEASE HELP, and help show me how you did it as well. Thank you so much

A B F G H 1 J K L M N 0 P Q R S T V V W X Y Z 9 c. 1 Chapter 12 2 Using Excel P12-46 Using Excel for long-term notes payable amortization schedule 4 Patrick's Delivery Services is buying a van to help with deliveries. The cost of the vehicle is $35,000, the interest rate is 6%, and the loan is for three years. 6 The van is to be repaid in three equal installment payments. Payments are due at the end of each year. 7 8 Requirements 1. Complete the data table. 10 2. Using the present value of an ordinary annuity table, calculate the payment amount and complete the amortization schedule. 11 Use the effective interest amortization method. 12 a. Calculate the loan payment by dividing the loan amount by the appropriate present value factor. 13 b b. Round values to two decimal places. 14 Calculate the interest expense in the third year as the loan payment minus the loan balance at the beginning of the third year. 15 Use absolute cell references and relative cell references in formulas. 16 17 3. Using the Excel PMT function, calculate the payment amount and complete the amortization schedule. 18 10 Use the effective interest amortization method. a. The PMT function calculates a payment amount that results in a negative number. Reverse this to a positive number for calculations in the amortization schedule. 20 b. Round values to two decimal places. 21 Calculate the interest expense in the third year as the loan payment minus the loan balance at the beginning of the third year. 22 C. Use absolute cell references and relative cell references in formulas. 23 24 Excel Skills 25 1. Formulas using both absolute and relative cell references. 26 2. PMT function 27 28 Excel Hints 29 30 The PMT function uses the interest rate, the number of periods, and the loan amount (in that order). 31 To calculate the payment amount for a loan of $3,000 at 4% for 5 years, the formula would be a 32 =PMT(4%, 5, 3000) 33 ($673.88) $ 34 35 19 c 36 37 38 39 40 41 42 Instructions Amortization schedule + A B D D E F G H I J J K L M N 0 P Q R S T U 1 2 Requirement 1 Complete the data table. DATA 3 4 5 6 7 8 Loan Amount Interest Rate Periods 9 10 11 12 13 14 15 16 17 18 19 20 Requirement 2 Using the present value of an ordinary annuity table, calculate the payment amount and complete the amortization schedule. Use the effective interest amortization method. a. Calculate the loan payment by dividing the loan amount by the appropriate present value factor. b. Round values to two decimal places. Calculate the interest expense in the third year as the loan payment minus the loan balance at the beginning of the third year. c. Use absolute cell references and relative cell references in formulas. . Payment (using PV table) () Present Value of an Ordinary Annuity of $1 Period Beginning Balance Principal Payment Interest Expense Total Payment Ending Balance 6% 8% 10% 0 0 1 2 3 Total 1 2 3 4 5 0.9434 1.8334 2.673 3.4651 4.2124 0.9259 1.7833 2.5771 3.3121 3.9927 0.9091 1.7355 2.4869 3.1699 3.7908 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Requirement 3 Using the Excel PMT function, calculate the payment amount and complete the amortization schedule. Use the effective interest amortization method. a. The PMT function calculates a payment amount that results in a negative number. . Reverse this to a positive number for calculations in the amortization schedule. Round values to two decimal places. Calculate the interest expense in the third year as the loan payment minus the loan balance at the beginning of the third year. c. Use absolute cell references and relative cell references in formulas. . b. Payment (using PMT function) Instructions Amortization schedule + A J L L M N O P Q R S T U 34 35 36 37 38 B G G H b. Round values to two decimal places. Calculate the interest expense in the third year as the loan payment minus the loan balance at the beginning of the third year. Use absolute cell references and relative cell references in formulas. C. 39 Payment (using PMT function) 40 41 Period Beginning Balance Principal Payment Interest Expense Total Payment Ending Balance 0 1 2 3 Total 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 Instructions Amortization schedule +