The compounding frequency on a loan is once every year. If you borrow $35,974.44 at an...

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The compounding frequency on a loan is once every year. If youborrow $35,974.44 at an annual interest rate of 3.75%, how muchmust you pay every year so that you pay back the loan in 17 years?How do I do the steps in Excel? using PEMDAS
Please show steps
IF YOU GOT 2900. HOW DID YOU GET THAT ?

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We are given the following informationr375n17frequency1annual paymentsPV 3597444We need to solve the following equation to arrive at therequired payment or PMTSo the annual payment is 2900We can use the excel formula pmt00375173597440 to getthe same answer The answer will be See Answer

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The compounding frequency on a loan is once every year. If youborrow $35,974.44 at an annual interest rate of 3.75%, how muchmust you pay every year so that you pay back the loan in 17 years?How do I do the steps in Excel? using PEMDASPlease show stepsIF YOU GOT 2900. HOW DID YOU GET THAT ?