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Use Excel Be organized. Use Excel formulas/functions. SHOW 4 DECIMALS. A firm will be requesting...

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Finance

image Use Excel Be organized. Use Excel formulas/functions. SHOW 4 DECIMALS. A firm will be requesting a loan of \( \$ 150 \mathrm{~K} \) from a bank. o The Closing fees for the loan amount to \( \$ 3,500 \) and they cannot be financed. o The bank is willing to give the loan to be repaid over 3 years, at an APR of 2.0\%. o the loan must be paid back in monthly payments, starting at the end of the 1 st month. a) what is the effective interest rate? b) what is the monthly payment? c) what are the details of each monthly payment ? DEVELOP A PAYMENT TABLE showing the details of each payment, FOR THE DURATION OF THE LOAN d) if the company decides to make an additional payment of \( \$ 500 \) every month, how long (in months) will it take to repay the debt

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