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  • Loan Amount (PV) 31,200 Annual Interest Rate 4% Number of Years 8 Payment Per Year 12 Rate (Periodic Rate) 0.003008 Nper (Number of Payment) 96

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    Jhon Carlos
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    This document contains information about two loan calculations. The first loan is for $31,200 over 8 years at 4% annual interest rate with monthly payments. The monthly payment is $374.67. The second loan is for $15,782 over 6 years at 5% annual interest with monthly payments of $255.41, totaling $18,389.84 paid back including $2,607.84 in interest charges.

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    practice excel BYU Pathway connect

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    This document contains information about two loan calculations. The first loan is for $31,200 over 8 years at 4% annual interest rate with monthly payments. The monthly payment is $374.67. The second loan is for $15,782 over 6 years at 5% annual interest with monthly payments of $255.41, totaling $18,389.84 paid back including $2,607.84 in interest charges.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    8 views3 pages

    Loan Amount (PV) 31,200 Annual Interest Rate 4% Number of Years 8 Payment Per Year 12 Rate (Periodic Rate) 0.003008 Nper (Number of Payment) 96

    Uploaded by

    Jhon Carlos
    This document contains information about two loan calculations. The first loan is for $31,200 over 8 years at 4% annual interest rate with monthly payments. The monthly payment is $374.67. The second loan is for $15,782 over 6 years at 5% annual interest with monthly payments of $255.41, totaling $18,389.84 paid back including $2,607.84 in interest charges.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 3

    Loan amount (Pv) 31,200

    Annual interest rate 4%


    Number of years 8
    Payment per year 12

    Rate (periodic rate) 0.003008


    nper (number of payment) 96

    ($374.67)
    Loan calculation
    Annual interest rate 5%
    Period Rate(Rate) 0.004308333333333
    Number of years 6
    Payments per year 12
    nper 72
    Loan Amount (Pv) 15,782
    Monthly Payment(Use PMT function) ($255.41)
    Loan Amount with Interest ($18,389.84)
    Interest Expense ($2,607.8385)
    Average Monthly Interest Expense ($36.22)
    Hints

    (rate/number of payments per year)

    (number of payments per year*number of year

    (monthly payment*nper)
    (Loan Amount with Interest+Loan Amount)
    (Interest Expense/nper)

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