Waylon borrows 5466 to be paid off in installments of 8640, Ask an Expert

Finance

Waylon borrows $5,466 to be paid off in installments of $86.40 at the end of each month:

a) How many payments should he make to repay the loan, provided that the annual interest rate is 6.95%?

b) If the bank asks him to pay off the loan in four years, what is the monthly payment?

c) If the bank reduces the annual interest rate by 1.5% and asks him to pay off the loan in four years with a monthly payment of $113.24, could he borrow more or less than he is borrowing now? How much more or less?

I have to enter the problem into an excel spreadsheet like this one:

Relevant Information
Annual Interest Rate
Periods Per Year
Number of Years

Needed Information
Present Value					PV
Future Value					FV
Payment					PMT
Rate					RATE
Number of Periods					NPER

Additional Calculations (if needed)

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M93040207

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