question archive Savings account Balance New beginning interest deposit and Balance end 2 Year at 6pa of year of month 3 1 $10,000
Savings account Balance New beginning interest deposit and Balance end 2 Year at 6pa of year of month 3 1 $10,000
Subject:FinancePrice:2.86 Bought11
Savings account Balance New beginning interest deposit and Balance end 2 Year at 6pa of year of month 3 1 $10,000.00 $ 600.00 $10,000.00 $ 20,600,00 4 2 $20,600.00 $ 103.00 $10,000.00 $ 30,703.00 5 $30,703.00 $ 153,52 $10,000.00 $ 40,856.32 6 4 $40,856,52 $ 204,28 $10,000.00 $ 51,060.80 2 5 $51,060.80 $255.30 $10,000.00 $ 61,316.10 $61,316.10 106.585 10,000.00 $ 71,622.66 9 2 $71,622.685 358.11 $10,000.00 $81,980.80 10 8 $81.380,50 S 409.90 $10,000.00 $ 92,390.70 11 $92,390.70 461.95 $10,000.00 $ 102,852.65 Refer to the above screenshot relating to a savings schedule. To calculate the total interest paid up to the end of year 5, we are best to use: Select one: a. CUMIPMT(0.06,9,10000,1,5,0) b. SUM(C3:07) C. CUMIPMT(0.06,10,0,0,51) d. =PMT(0.06, A$11,-83)
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Question : To calculate Total int upto year 5, which function to use
Answer : b = SUM 9 C3 : C7)
Explanation :
The Syntax
=CUMIPMT (rate, nper, pv, start_period, end_period, type)
Arguments
- rate - The interest rate per period.
- nper - The total number of payments for the loan.
- pv - The present value, or total value of all payments now.
- start_period - First payment in calculation.
- end_period - Last payment in calculation.
- type - When payments are due. 0 = end of period. 1 = beginning of period
The syntax arguments given in options are incorrect
The Excel PMT function is a financial function that returns the periodic payment for a loan. You can use the PMT function to figure out payments for a loan, given the loan amount, number of periods, and interest rate.
