Calculate the Monthly Payment Most clients pay the remainder by making monthly payments for ONE year. Monthly payments are thus based on 12 months and the standard interest rate provided. a. Use a PMT function to calculate the first clientâ€™s monthly payment in cell J5. (Note that the value in B3 is an annual rate and must be converted to a monthly rate for use in the PMT function), using appropriate relative and absolute cell references. Monthly payments are based on a 1-year term. Add a minus sign to the function so that the calculated amount displays as a positive number. b. Copy the formula down the column.
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