Problem 5-26\ You have an outstanding student loan with required payments of

$500

per month for the next four years. The interest rate on the loan is

9%

APR (monthly). You realize your best investment is to prepay your student loan, so you decide to prepay as much as you can each month. Looking at your budget, you can afford to pay an extra

$250

per month in addition to your required monthly payments of

$500

, or

$750

in total each month. How long will it take you to pay off the loan?\ Complete the steps below using cell references to given data or previous calculations. In some cases, a simple cell reference is all you need. To copy/paste a formula across a row or down a column, an absolute cell reference or a mixed cell reference may be preferred. If a specific Excel function is to be used, the directions will specify the use of that function. Do not type in mumerical data into a cell or function. Instead, make a reference to the cell in which the data is found. Make your computations only in the blue cells highlighted below. In all cases, unless otherwise directed, use the earliest appearance of the data in your formulas, usually the Given Data section.\ Original payment Years remaining\ APR\ New payment\ Periods per year\ Monthly Rate\ Periods remaining\ \\\\table[[

S

,

500

You have an outstanding student loan with required payments of $500 per month for the next four years. The interest rate on the loan is 9% APR (monthly). You realize your best investment is to prepay your student loan, so you decide to prepay as much as you can each month. Looking at your budget, you can afford to pay an extra $250 per month in addition to your required monthly payments of $500, or $750 in total each month. How long will it take you to pay off the loan? Complete the steps below using cell references to given data or previous calculations. In some cases, a simple cell reference is all you need. To copy/paste a formula across a row or down a column, an absolute cell reference or a mixed cell reference may be preferred. If a specific Excel function is to be used, the directions will specify the use of that function. Do not type in mumerical data into a cell or function. Instead, make a reference to the cell in which the data is found. Make your computations only in the blue cells highlighted below. In all cases, unless othervise directed, use the earliest appearance of the data in your formulas, usually the Given Data