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Homework2 5

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Subject
Finance
School
Grand Canyon University
Type
Homework
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Months 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Balance $ 2,300.00 $ 2,254.00 $ 2,208.92 $ 2,164.74 $ 2,121.45 $ 2,079.02 $ 2,037.44 $ 1,996.69 $ 1,956.75 $ 1,917.62 $ 1,879.27 $ 1,841.68 $ 1,804.85 $ 1,768.75 $ 1,733.38 $ 1,698.71 $ 1,664.73 $ 1,631.44 $ 1,598.81 $ 1,566.84 $ 1,535.50 $ 1,504.79 $ 1,474.69 $ 1,445.20 $ 1,416.29 $ 1,387.97 $ 1,360.21 $ 1,333.01 $ 1,306.35 $ 1,280.22 $ 1,254.61 $ 1,229.52 $ 1,204.93 $ 1,180.83 $ 1,157.22 $ 1,134.07 $ 1,111.39 $ 1,089.16 $ 1,067.38 $ 1,046.03 $ 1,025.11 $ 1,004.61 $ 984.52 $ 964.52 $ 944.52 $ 924.52 Write a formula in cell B3 that will reduce the amount in cell B2 by 2%. Then use the fill-down feature to complete columns A and B until the balance drops below $1000. In the next month, change the formula so that it subtracts $20 from the balance. Use the fill-down feature again to continue to complete columns A and B until the balance drops below $20. One more payment will be required to pay off the balance. Change the formula to subtract this value. How many months were required? 92 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 904.52 884.52 864.52 844.52 824.52 804.52 784.52 764.52 744.52 724.52 704.52 684.52 664.52 644.52 624.52 604.52 584.52 564.52 ...
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