=PMT(B3,B4,-B5) 1 Loan 2 Annual (End-of-year) repayment 3 Interest Rate, i 4 Years, n 5 Amount of Loan from Bank 15 $250,000 Refer to the screenshot above. Jack seeks a loan of $250,000 from his bank. If repayments are annual in arrears (end-of-year), and his bank charges 16% p.a compounding monthly, what is the value he needs to enter to cell B3? (Answer in percentage to two decimal places, do not include % sign eg. 12.00) Answer: Jill wants to buy a car but needs to calculate how much she can afford to borrow. The maximum she can repay is $2100 at the end of each quarter and the bank has indicated it will charge a fixed 7.8% p.a compounding quarterly. If she takes a loan for 6 years how much can she afford to borrow? (Do not use the $ sign or commas; include cents e.g 24500.09)