Use the appropriate function(s) in Excel to answer the following questions.What is the total amount that you would pay to the bank over this 4-year period?You borrowed $5,400.The fixed APR on the loan is 4.8%.  Note: A fixed APR is an annual interest rate that does not change during the 4-year period.You will make equal monthly payments to repay both the loan amount and the monthly interest charges.You want to completely pay off the loan in exactly 4 years.Hint: Be sure to use your rounded answer from the previous step in the calculation of this answer.(Round to the nearest cent, do not include a negative sign)

To calculate the total amount that you would pay to the bank over this 4-year period, you can use the PMT function in Excel. Here are the steps:

1. Open Excel and click on a cell where you want the result to be displayed.
2. Type =PMT( into the cell.
3. The PMT function requires three arguments: rate, nper (number of periods), and pv (present value). In this case, the rate is the annual interest rate divided by the number of periods in a year (monthly), so type 4.8% / 12, into the cell.
4. The nper is the total number of periods, which is 4 years times 12 months, so type 4 * 12, into the cell.
5. The pv is the amount of the loan, which is $5,400, so type 5400) into the cell.
6. Press Enter. The result will be the monthly payment you need to make to pay off the loan in 4 years. This will be a negative number, but you can ignore the negative sign.
7. To get the total amount paid over the 4-year period, multiply the monthly payment by the total number of payments (4 years times 12 months). Type =ABS(result from step 6) * 4 * 12 into another cell and press Enter.

Remember to replace "result from step 6" with the cell number where you have the result from step 6. The ABS function is used to convert the negative number to positive.

The result will be the total amount that you would pay to the bank over this 4-year period. Round to the nearest cent as needed.

To calculate the total amount paid to the bank over the 4-year period, you would use the PMT function in Excel. The PMT function calculates the monthly payment for a loan with a constant interest rate and a constant monthly payment.

Here are the steps:

1. Open Excel and click on a cell where you want the result to be displayed.
2. Type in the formula: =PMT(rate, nper, pv, [fv], [type])
   • rate: The interest rate for the loan. Since the rate is annual, you need to divide it by 12 to get the monthly rate. So, it would be 4.8% / 12 / 100 = 0.004.
   • nper: The total number of payment periods in the term. Since it's a 4-year loan and payments are made monthly, it would be 4 * 12 = 48.
   • pv: The present value or the total amount of the loan, which is $5,400.
   • [fv] and [type] are optional parameters and not needed in this case.
3. So, the formula would be: =PMT(0.004, 48, 5400)
4. Press Enter.
5. The result will be a negative number because it represents a payment. To make it positive, you can either multiply the result by -1 or put a minus sign before the PMT function: =-PMT(0.004, 48, 5400)
6. This will give you the monthly payment. To get the total amount paid over the 4-year period, multiply this monthly payment by the total number of payments (48): =48*-PMT(0.004, 48, 5400)
7. Round the result to the nearest cent using the ROUND function: =ROUND(48*-PMT(0.004, 48, 5400), 2)

This will give you the total amount that you would pay to the bank over the 4-year period.

To calculate the total amount that you would pay to the bank over this 4-year period, you can use the PMT function in Excel. Here are the steps:

1. Open Excel and click on a cell where you want the result to be displayed.
2. Type =PMT( into the cell.
3. The PMT function requires three arguments: rate, nper (number of periods), and pv (present value). In this case, the rate is the annual interest rate divided by the number of periods in a year (monthly payments), so type 4.8%/12, into the cell.
4. The nper is the total number of payments over the life of the loan. Since the loan is for 4 years and payments are made monthly, type 4*12, into the cell.
5. The pv is the amount of the loan, which is $5,400. Type 5400) into the cell.
6. Press Enter. The cell will now display the monthly payment as a negative number.
7. To get the total amount paid over the 4 years, multiply this monthly payment by the total number of payments (4 years * 12 months/year). Type =ABS(previous cell)*4*12 into another cell and press Enter. The ABS function is used to convert the monthly payment to a positive number.
8. The result is the total amount that you would pay to the bank over this 4-year period. Round this number to the nearest cent.

Please note that the PMT function in Excel gives the result as a negative number because it represents a payment going out. You can use the ABS function to convert this to a positive number.