The company decided to borrow a one-time loan of $100,000 in Jan 2023 to launch...
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The company decided to borrow a one-time loan of $100,000 in Jan 2023 to launch a marketing campaign to expand the business. The $100,000 is taken from the bank and use in the marketing campaign directly and as such no additional $ is plough back into the cash flow. Given the bank charges 4% interest rate and the company wishes to borrow for 5-year term, add another row for Annual Payment to the bank (SAFELOCK LTD chooses to pay monthly payment, calculate the total 12 monthly payments using the appropriate built-in functions and formula.) Also calculate the Total Bank term payment for the loan assuming the monthly payment scheme, Total Interest for the loan taken.
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