Use the PMT function of Excel to answer question 1:

1. You are thinking of borrowing $50,000 to start a small business. Use the Internet to research and find the lowest interest rate on a $50,000 loan (show the rates of at least three banks). Take a picture or snapshot of the rates you found and the name of the banks and upload it to Canvas. Make sure you name the uploaded file(s) as interest rate on 50K loan.

a) After choosing the lowest rate, assume you want to pay off the loan in 5 years, what would be your monthly payment at the end of each month?

Use the NPER function to answer part b:

b) For this part, assume you only are able to pay $300 per month at the end of each month to the bank, how many months will it take to pay off the loan?