$10,000 loan like a calculation
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
I am attempting to do this assignment right now and I am confused because whenever I type the stuff in it shows up like error messages so I’m confused if I’m supposed to be typing it in exactly or if I’m supposed to be doing some thing with the $10,000 loan like a calculation?
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Loan Amount
Annual Interest Rate
Loan period in years
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Optional extra payments
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9 September 1
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Transcribed Image Text:3:21
Lab 2 - Steps to Enter Formulas to Calculate Pa.
22FAMGT353353 MANAGEMENT INFO SYSTEMS
Steps to Enter Formulas to Calculate Payments
1. Open Lab2.xlsx, click cell H4, click the Insert
Function button on the Formula bar, type PMT,
press Enter, click OK, type $D$5/12 in the Rate
text box (You will be copying the PMT function, so
you need to make the values required for the
function. You divide the interest rate by 12 to
determine the monthly interest rate.)
TWU
Lab 2
MGT 3533
2. Click in the Nper box, type $D$6*12, click in the
PV box, enter -$D$4, click OK (You multiply the
loan period by 12 to determine the number of
months you will be paying off the loan. The PV is
the loan amount. You made this value a negative
value because it is the money owed.)
3. Click cell A11, type 1, in cell A12, type 2, select
cells A11:A12, fill the remaining rows in the table
(to cell A22) with sequential numbers,
4. Click cell B11, type January 1, 2023, press
Enter, in cell B12, type February 1, 2023, press
Enter, select cells B11:B12 and fill the remaining
rows in the table with the dates from March 1,
2023 to December 1, 2023 (When you enter a
date, Excel formats as Day-Month-Year)
5G
5. Click cell C11, type =D4 to enter the beginning
balance ($10,000), press Enter, ignore the
additional entries
11401
6. Click cell D11, type =$H$4, press Enter
7. Click cell E11, type = $D$8, then press Enter
8. Click cell F11, enter the formula =D11+E11 to
add the Scheduled Payment to the Extra payment
9. Click cell G11, enter the formula =C11*
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