Use the PMT function in Excel to compute the monthly payment on a car each month if you borrowed $35,400 at an annual interest rate of 5.56% over 6 years, where the interest is compounded monthly.
Hint: The PMT (Payment) function is entered in Excel as =PMT(Rate, Nper, Pv, Fv, Type). Fv and Type are not necessary. Ignore them.
Enter the amount of your monthly payment below. Do not include the dollar sign ($).