Problem 5.1 Data Table

Step 1: You are doing research to find the best place to take out a loan of $12,000. You will not begin paying off your loan for 3 years and interest is compounded monthly. Fill in the highlighted yellow cell with the correct formula to determine how much your loan will be when you begin paying it off in 3 years.

Step 2:What if you had made your first payment sooner? What if you had looked around for a loan with better interest rates? Using the layout given use the data table tool to fill in the table. This table will serve as a quick reference on what the loan would be when you start to pay it off given different rates and different first payment times. You must use the "Data Table" feature so that if you click on the cells in the table they show "{=TABLE(X#,Y#)}".

Total Borrowed Annual Interest Rate Time before 15': ) 4.: II} I 4.. m U I U 4.! E To 3 = C d S E; 12,000.00 10% Time before making rst payment [months] 5 12 18 24 K