The Procurement Officer has estimated that Plan2go will need a loan of $355,000 to fund the purchase of the computer equipment, hardware and software to produce the App. The Commonwealth Bank has...

The Procurement Officer has estimated that Plan2go will need a loan of $355,000 to fund the purchase of the computer equipment, hardware and software to produce the App. The Commonwealth Bank has offered an interest rate of 8.54% and a loan term of 60 months (5 years) with payments made monthly and no residual or balloon payment due.

Use the PMT function in Excel to figure out what the loan repayment will be each month.