Modify the spreadsheet from Problem 41 to handle a term of 1 to 360 months. Test your spreadsheet by entering data from Appendix E and Problems 11 through 14. Compare your answer to the solutions to...

Modify the spreadsheet from Problem 41 to handle a term of 1 to 360 months. Test your spreadsheet by entering data from Appendix E and Problems 11 through 14. Compare your answer to the solutions to these problems. There may be some minor differences due to the way rounding is handled in the spreadsheet versus the problems. Be sure to adjust your last payment to bring the balance to zero at the end of the term. Hint: Use the IF function to blank out cells beyond the loan’s duration.

Using the principles from Sidebar 16-3, prepare an amortization schedule for a 60-month car loan with an annual percentage rate of 11% and an initial principal of $17,000. The monthly interest rate is based on Eq.(16-4). The loan is originated on January 10, 2009, and the payments are due on the tenth of each month. If the payment date falls on a Saturday or Sunday, then the payment is due the following Monday. Use the same format as was used in Figure 16-3. Hint: Use the Goal Seek function to find the payment; then re-enter the payment to the nearest penny.