people without employment, there are sti ll many that are very wealthy and
yachts. Clients who are wealthy may purchase a yacht, claim it as a second
home, and write off some of the payment to save on their tax dollars owed
to the IRS. Assume that you work for USA Loan Company. Your potenti al
clients constantly want to know how much their monthly payments will be
for diff erent loan amounts. Knowing how to calculate diff erent loans based
on varying years and interest rates will help your wealthy clients decide which
loan is right for them to achieve their ulti mate goal of saving tax dollars.
In the following acti vity, you will be using the Payment (PMT) functi on to
compute yacht payments. The Payment functi on is used to calculate the
payment for a loan based on constant payments and a fi xed interest rate.
To use the Payment functi on, you will need values referenced for the following:
Rate
payments is worth now, also known as the principal.
2. Type the data as shown.
3. Bold rows 1 15.
4. Change the font size of cell A1 to 16 point.
6. Format cell C4 as percentages displaying 3 decimal places.