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Calculate the annual interest rate

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Question - Please solve questions 1 and 2. Please use excel to get the answers, and attach the answers with the excel spreadsheet.

1) Given annual interest rate 6.25%, length of term 60 months, monthly payment $280.00, and total amount of the payments $16,800.00, calculate the loan principal. Please calculate the loan principal using an amortization table and VLOOKUP functions in excel.

2) Given loan principal is $50,000, length of term is 72 months, monthly payment is $760.00, and total amount of the payments is $54,720.00, calculate the annual interest rate. Please calculate the loan principal using an amortization table and VLOOKUP functions in excel.

Reference no: EM132630137

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