You want to calculate the maximum loan that can be paid off with an interest rate of 2.5% over 12 payments of $1000.00 each. Use Goal Seek and the PMT function to solve for the maximum loan amount "x". Provide two decimal places: =PMT(0.025, 12, -x, 0) For your answer, make sure to use a $ symbol and do not use extra spaces.

Database System Concepts
7th Edition
ISBN:9780078022159
Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Chapter1: Introduction
Section: Chapter Questions
Problem 1PE
icon
Related questions
Question
You want to calculate the maximum loan that can be paid off with an interest rate of
2.5% over 12 payments of $1000.00 each.
Use Goal Seek and the PMT function to solve for the maximum loan amount "x".
Provide two decimal places:
=PMT(0.025, 12, -x, 0)
For your answer, make sure to use a $ symbol and do not use extra spaces.
Transcribed Image Text:You want to calculate the maximum loan that can be paid off with an interest rate of 2.5% over 12 payments of $1000.00 each. Use Goal Seek and the PMT function to solve for the maximum loan amount "x". Provide two decimal places: =PMT(0.025, 12, -x, 0) For your answer, make sure to use a $ symbol and do not use extra spaces.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 3 images

Blurred answer
Knowledge Booster
Bare Bones Programming Language
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, computer-science and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Database System Concepts
Database System Concepts
Computer Science
ISBN:
9780078022159
Author:
Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher:
McGraw-Hill Education
Starting Out with Python (4th Edition)
Starting Out with Python (4th Edition)
Computer Science
ISBN:
9780134444321
Author:
Tony Gaddis
Publisher:
PEARSON
Digital Fundamentals (11th Edition)
Digital Fundamentals (11th Edition)
Computer Science
ISBN:
9780132737968
Author:
Thomas L. Floyd
Publisher:
PEARSON
C How to Program (8th Edition)
C How to Program (8th Edition)
Computer Science
ISBN:
9780133976892
Author:
Paul J. Deitel, Harvey Deitel
Publisher:
PEARSON
Database Systems: Design, Implementation, & Manag…
Database Systems: Design, Implementation, & Manag…
Computer Science
ISBN:
9781337627900
Author:
Carlos Coronel, Steven Morris
Publisher:
Cengage Learning
Programmable Logic Controllers
Programmable Logic Controllers
Computer Science
ISBN:
9780073373843
Author:
Frank D. Petruzella
Publisher:
McGraw-Hill Education