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Q15 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

Q15

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 23% 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)

image text in transcribed

=PMT(B3,B4,-B5) Loan 2 Annual (End-of-year) repayment 3. Interest Rate, i 4 Years, n 5 Amount of Loan from Bank 15 $250,000

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