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Follow these steps to create the loan payment calculator worksheet: 1. Enter the labels as...

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Accounting

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Follow these steps to create the loan payment calculator worksheet: 1. Enter the labels as shown in column B in Figure 3.77. 2. Enter an amount in cell C3. This is the amount you want to borrow. Format cell C3, using a Currency 3. Enter the APR (from the bank) in cell C4. Format this cell with a Percentage format. (If you type 7% into the cell, Excel will automatically apply a Percentage format.) 4. In cell C5, enter the formula C4/12 to compute the monthly interest rate from the annual rate. Format cell C5 with a Percentage format and display at least two decimal places. 5. Enter the number of monthly payments in cell C6. 6. Use Excel's PMT function in cell C8 to compute the required annual payment. The PMT function will use the values in cells C3, C5, and C6 as arguments. Use the Insert Function dialog box or the Help system, to determine the proper syntax of the PMT function arguments. Calculate the required payment for each of the following types of loans: or Accounting format. N (months) APR (%) Loan Type P 8.0 $ 21,000 48 Comple 120 Car loan $ 24,000 4.3 Student loan $250,000 Home loan 6.5 360

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