Problem: With the following information determine the annual loan payment, using function wizard for PMT.
Invoice Price $250,000
Length of loan 4
Loan Interest rate 10%
Maintenance fee $20,000
Tax Rate 40%
Lease fee $70,000
Equipment expected life 8
Expected Salvage value 0
Market value after 4 yrs $42,500
Book value after 4 yrs $42,500