I believe I can do this in excel but not sure which equation or function to...

I believe I can do this in excel but not sure which equation or function to use? Would appreciate any help!

You are offered an add-on loan for $4,500 at 18% for 5 years.
- What is the monthly payment?
- What is the amount of interest?
- What is the true interest rate cost of this loan?

If you could pay the same loan above at a compound rate,

What would the monthly payment be?
What would the amount of interest be?

Expert Solution

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jeff jeffy answered 1 year ago

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