Calculate interest rate, Finance Basics
Calculate interest rate, Finance Basics
Imagine Joy is the manager of a bank named Money Talks Bank of Virginia. This bank has recently issued new loans to customers. Joy wants you, the business analyst to prepare a report for him. The details of the report and the data are given below. You must use functions to calculate interest rate, down payment, monthly payment, and average selling price for each loan item.
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Table values
Loan Term
Interest Rate
% Required for Down Payment
15
0.0575
0.15
20
0.06
0.2
30
0.0625
0.25
Customer
Selling Price
Loan Term
Allen
265354
30
Arnold
328788
15
Barber
500000
15
Bollis
112485
30
George
350000
30
Hood
761978
20
Morgan
192940
15
Paul
606563
20
Pinder
319765
30
