Question

***Can someone show me how to do this in excel please*** 1. Wesson Metals has an...

***Can someone show me how to do this in excel please***

1. Wesson Metals has an outstanding loan that calls for equal annual payments of $9,768.46 over the life of the loan. The original loan amount was $50,000 at an APR of 8.5 percent. How much of the FIRST loan payment is interest (what is the interest component of the first annual payment)? NPER   
A. $3,525.61 RATE
B. $3,780.93 PV
C. $4,250.00 PMT
D. $5,409.16 FV
E. $5,987.53
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Homework Answers

Answer #1

Hello Sir/ Mam

YOUR REQUIRED ANSWER IS OPTION C : $4,250

There is nothing in this question which can be specifically done using excel formula. We can calculate the answer by doing a simple multiplication of PV and APR.

Given that:

PMT = $9,768.46

PV = $50,000

Rate = 8.5%

Hence,

I hope this solves your doubt.

Do give a thumbs up if you find this helpful.

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