Please use excel to show your work Eleven wants to purchase her own restaurant. The initial investment required is $500,000 which shewould need to borrow from a bank that is offering an annual interest rate of 6.9% compoundedmonthly for 5 years, with constant total payments.a. Calculate the loan payment that Eleven would make semi-monthly (24 times per year) for 5 years. B. Create the annual loan payment schedule for the restaurant, showing the beginning and endingprincipal, principal repayment, and interest over the life of the loan.

Please use excel to show your work Eleven wants to purchase her own restaurant. The initial investment required is $500,000 which shewould need to borrow from a bank that is offering an annual interest rate of 6.9% compoundedmonthly for 5 years, with constant total payments.a. Calculate the loan payment that Eleven would make semi-monthly (24 times per year) for 5 years. B. Create the annual loan payment schedule for the restaurant, showing the beginning and endingprincipal, principal repayment, and interest over the life of the loan.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 27M

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