If I borrow $80,000 in loans for college and have to pay back the loan every month for 15 years after graduation. If the rate is 8%, what is the amount of my monthly loan payment?
Please explain to me how I would enter this information on Excel and how I can solve it. Thank you!
|Amount of monthly loan payment||=||Loan amount/Present value of annuity of 1|
|Present value of annuity of 1||=||(1-(1+i)^-n)/i||Where,|
Get Answers For Free
Most questions answered within 1 hours.