Using VBA in excel. Suppose that you have a $20,000 loan at 5.5 percent annual i
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Question
Using VBA in excel. Suppose that you have a $20,000 loan at 5.5 percent annual interest compounded monthly. You can afford to pay $100/month toward this loan. How long will it take until the loan is paid off? To do this calculation, think of the amount remaining on the loan from time k to time k+1 as a combination of interest accrued and payment made, express this as an iteration, and then write code using a for –next loop to find the amount remaining in the loan after N months. You may need to experiment with the value of N to find the value in which the remaining amount passes through zero (and the loan is paid off)
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