You want to borrow $100,000 and can afford to pay $1,497.75 per month, how long should it take (in months) to pay back this loan at 3.75% annual interest rate? 1. Put in the PMT function opposite Monthly Payment with 1 (one) as the Term in Months. 2. Then use Goal Seek to find the number of months using $1,497.75 per month as the desired payment. Note: payments are negative amounts. 3. Once you have the Term in Months, use the schedule on the right hand side to put a formula in under Interest Paid using the CUMIPMT function. This will then give you the amount of interest paid each month. Make sure that your schedule is long enough to cover all months that you have determined in step two. 4. Use a formula to calculate the principle paid each month. 5. Use a formula at the bottom of the Interest Paid column to calculate the total interest paid. Period Interest Paid Principle Paid Total Payment $0.00 2 $.00 $0.00 Amount of Loan Term in Months Annual Rate Monthly Payment 100,000.00 $0.00 1.00 $0.00 3.75% $0.00 $0.00 $0.00 $0.00 10 $0.00 Total Interest Paid