The management has recently approved a 10-year study loan for one of the staff members who wanted to pursue his post-graduate studies. The total amount of the loan is $55,000 at a very favourable annual interest rate of 2.38%. The management has decided to deduct the repayment of the loan by following an affordable monthly instalment plan over 120 months from the staffs monthly salary. You are required to demonstrate how to use the PMT function in Excel to compute the monthly loan repayment amount to be deducted from the staffs salary.