Stated Annual Rate

Principal balance after $59$ th payment:

Status: Enter function

have default values equal to $0.$

Try this example: Suppose you borrow $$20,000$ for $6$ years. If the payments need to be paid per month and the stated annual rate is $24\%$ per year, find the monthly payment.

PMT $$ Status: Enter function output on Excel generates positive values for dollar amounts. For this assignment, do not use the negative sign before any formula, but rather change the signs of the inputs to the formula.