IPMT Calculates the monthly amount of interest in a loan payment Instructions: U

Question

IPMT Calculates the monthly amount of interest in a loan payment Instructions: Use the loan data below, to complete the table below that shows the interest amount contained in each loan payment. The interest should be different each period. Loan amount 10000 Months 36 Rate 8% Payment $313.36 Months Payment Interest 1 $313.36 <== Enter IPMT function here. 2 $313.36 <== Enter IPMT function here. 3 $313.36 <== Enter IPMT function here. IPMT Calculates the monthly amount of interest in a loan payment Instructions: Use the loan data below, to complete the table below that shows the interest amount contained in each loan payment. The interest should be different each period. Loan amount 10000 Months 36 Rate 8% Payment $313.36 Months Payment Interest 1 $313.36 <== Enter IPMT function here. 2 $313.36 <== Enter IPMT function here. 3 $313.36 <== Enter IPMT function here.

Explanation / Answer

Below Table Shows the Interest Payment with Formula

Syntax Required for Using IPMT:

i - Annual Interest = 8/12

per - Period for which interest is calculated = 1 , 2, 3

nper - Number of Period = 36

PV - Present Value of Loan = 10,000

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B C D E Months Payment Interest Formula 3 1 313.36 ($66.67) IPMT(8%/12,B3,36,10000) 4 2 313.36 ($65.02) IPMT(8%/12,B4,36,10000) 5 3 313.36 ($63.37) IPMT(8%/12,B5,36,10000)

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