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The accompanying Loans spreadsheet contains a partially completed spreadsheet model for computing the monthly payment for a loan. Complete the spreadsheet model by entering
The accompanying Loans spreadsheet contains a partially completed spreadsheet model for computing the monthly payment for a loan. Complete the spreadsheet model by entering the formula for computing monthly payment in cell B6. Click here for the Excel Data File a. Create a vertical one-way data table that shows loan amounts in $10,000 increments from $56,000 to $356,000 and their monthly payment amounts, assuming the loan term and annual interest rate are 10 years and 5%, respectively. What is the monthly payment for a loan of $215,000? Note: Round your answer to 2 decimal places. Monthly payment amount: b. Expand the spreadsheet model to include calculations for monthly interest payment and monthly principal payment. Create a vertical one-way data table that shows loan amounts in $10,000 increments from $56,000 to $356,000 and their monthly payment, interest payment, and principal payment amounts, assuming the loan term and annual interest rate are 10 years and 5%, respectively. What is the monthly payment, interest payment, and principal payment amounts for a $265,000 loan? Note: Round your answers to 2 decimal places. Monthly payment amount: | Monthly principal amount: Monthly interest amount: c. Create a two-way data table that shows loan amounts in $10,000 increments from $56,000 to $356,000 vertically and annual interest rates in 0.5% increments from 3% to 10% horizontally. Fill the table with monthly payment amounts for various loan amount and interest rate combinations. What is the monthly payment amount for a $315,000 loan with a 6% annual interest rate? Note: Round your answer to 2 decimal places. Monthly payment amount: A B Loan Payment Calculator Loan amount Loan term (in years) Annual interest rate $ 150,000.00 10 5% Monthly payment
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