worksheet. (Optional: Also add columns to the right for accumulated to Do Use the following to errors, the monthly payment calculation and the monthly interest calculation should use the Use the PMT function to calculate the amount of the monthly payment. To avoid founding ROUND function to round the payment off to the nearest penny. You may have to manually Review the Model-Building Problem Checklist on page 154 to ensure that your worksheer is Monthly (calculated) payment S585.91 accumulated debt reduction) Amount financed $24,000 Annual interest rate 8% Duration of loan in 48 months Pmt No Payment Date Payment 0 1 3/15/12 $585.91 2 4/15/12 585.91 3 5/15/12 585.91 4 6/15/12 etc. Interest Debt Reduction $160.00 157.16 154.30 etc. $425.91 428.75 431.61 etc. Loan Balance $24,000.00 23,574.00 23,145.34 22,713.73 etc. 48 2/15/16 adjust the last loan payment by a few cents to get a zero loan balance (0.00) at the end complete. Print the worksheet on a single page when done. No check figure provided. $7,000 down and borrow the rest with a 48-month loan at 11% annual interest beginning June To test your modelo assume that Bailey wants to buy a small yacht for $81,000. She will per 25, 2012. Her first loan payment will be due July 25, 2012. Calculate her monthly loan paymer and prepare a loan amortization schedule. Print the worksheet when done. Check figure: Lee alance after two payments, $68,620.75. HART (optional) ing the test worksheet, prepare an XY chart that plots the loan balance month by month 48-month period. Print the chart when done. 184