In cell F5, enter a formula using the PMT function. Insert a negative sign (-) after the equal sign in the formula to display the result as a positive amount. Use defined names for the rate, nper, and pv arguments as follows: · rate argument: Divide the Rate by 12 to use the monthly interest rate.
· nper argument: Multiply the Term by 12 to specify the number of months as the periods.
· pv argument: Use the Loan_Amount as the present value of the loan.
2.In cell F6, enter a formula without using a function that multiplies 12 by the Term and the Monthly_Payment, and then subtracts the Loan_Amount to determine the total interest
3. in cell J5, enter another formula using the PV function. Use defined cell names for the rate, nper, and pmt arguments as follows:
· rate argument: Divide the Rate by 12 to use the monthly interest rate.
· nper argument: Subtract the year value in cell H5 from the Term, and then multiply the result by 12 to specify the number of months remaining to pay off the loan.
· pmt argument: Use the Monthly_Payment as a negative value to specify the payment amount per period.