You have decided to purchase an existing bakery and are comparing loan options. You will create a spreadsheet using the following instructions in order to analyze the data.
Create a spreadsheet and name it "W4 Loan Your Initials"
Entitle it "Loan Comparison" and merge and center across Row 1 (A-D)
Use Century Gothic Font, Size 12, Bold, Italicize
Create Headings in Cells B2 - D2: Loan 1, Loan 2, Loan 3
Use Arial Font, Size 12, Bold
Beginning in cell A3 and ending in cell A8, add the following categories:
Principal
Annual Interest Rate
Number of Monthly Payments
Monthly Payment
Interest
Total Payment
Use the following information
Lender 1
Lender 2
Lender 3
Principal
100,000.00
103,000.00
99,000.00
Annual Interest Rate
4.13%
4.05%
3.70%
Number of Monthly Payments
360
400
320
Add formulas for the
Monthly Payment =PMT((Annual Interest rate/12),Number of monthly payments,-Principal,0)
Interest =IPMT(Annual Interest rate,1,Number of monthly payments,-Principal)
Total Payment =Principl+Interest
Analyze the data and select the loan you feel is most beneficial for your circumstances. Justify your response with a short paragraph.
Solved by V. J. in 25 mins