How can I solve the following problem using excel? What are the financial formul

Question

How can I solve the following problem using excel? What are the financial formulas that I can use? Crystal has a total of $35,108.02 in loans. Below is a breakdown of the total loan:

Subsidized Principal $8,343.25 at 3.4% interest rate

Subsidized Principal $2,802.96 at 3.86% interest rate

Subsidized Principal $3,855 at 5.6% interest rate

Unsubsidized Principal $5,608 at 5.84% interest rate

Unsubsidized Principal $12,714.84 at 6.8% interest rate

Accrued Interest $1,783.97.

How can Crystal pay this loan off in 6 years? 10 years?

Explanation / Answer

Principal Interest Rate Time Instalment Time Instalment $8,343.25 3.40% 6 $1,560.62 10 $998.15 $2,802.96 3.86% 6 $532.26 10 $343.18 $3,855.00 5.60% 6 $774.14 10 $513.89 $5,608.00 5.84% 6 $1,134.73 10 $756.18 $12,714.84 6.80% 6 $2,651.07 10 $1,793.61 $1,783.97 $6,652.83 $4,405.01

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.