Reference no: EM133033824

Annual Interest Rate = .06

Amount of the loan = 3000

Number of Years of Payment = 5PMT = ?

1. Find PMT with Excel function

2. Create a 2 variable Data table to show the following:

a. "Number of Years of Payment" from 1, 2, 3, 4, 5, ... to 20.

b. "Annual Interest rate" from .01, .02, .03, .04, .05, ... to .2 (OR 1%, 2%, 3%, ... to 20%)

c. the PMT

3. Use Goal Seek to determine the "Annual Interest Rate" that would be required if the PMT is $500.

4. Use Goal Seek to determine the "Number of Years of Payment" that would be required if the PMT is $600.