Problem: Pauline wonders what her monthly "principal and interest" payment would be under these circumstances. Use Excel spreadhseet and the PMT Function to help answer these questions:
A. What is the interest rate that should be entered into the PMT function?
B. What is the number of periods that should be entered into the PMT Function?
C. What is the amount that should be entered into the PMT Function?
D. What is the amount Pauline's monthly "prinicipal and interest" payment?
E. When Pauline makes her first payment, what amount will go to pay interest and what amount will be repayment of principal? (Hint: What amount did she owe during the first month and what rte of interest did she incur during the month?)