Problem
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In class we developed a VBA function that would determine the number of
months required to pay off as bank loan given the initial principal, an interest
rate, and a monthly payment amount. For this project, you are to create a
function this will return the monthly payment amount, given an initial balance,
a yearly interest rate, and the number of months to pay off the loan. |
Task
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Develop an algorithm (method) for a function that will accept as
input an initial loan amount, a yearly interest rate, and the number of months
to pay off the loan; and will return a monthly payment amount..
Represent this algorithm both using pseudocode and as a flowchart.
Implement your function as part of a workbook's code module.
Create a worksheet to prove your function works using the
following data
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Initial balance: $50,000
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Yearly interest rate: 8%
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Number of months: 180
Submit copies of your ...
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function (pseudocode and flowchart),
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source code from VB editor, and
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completed worksheet with and without formulas turned on.
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Notes
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Feel free to do more than what is asked above. You will neither
lose nor gain points for the extra work.
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To "turn on formulas" ...
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From the Tools menu choose Options ...
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Click on the View tab
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Under Window Options check Formulas
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Click on OK
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