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Understanding Interest Rates and Smart Borrowing with Excel PMT Function

In this lesson, you learned how to use the PMT formula in Excel to calculate monthly loan payments based on interest rates and payment duration. By entering your name in cell D1, you can save your work and analyze how borrowing affects your finances. It's important to understand the implications of debt on your future, as employers often check credit histories. Establishing good credit, timely bill payments, and managing debt wisely can significantly impact your financial health and career opportunities.

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Understanding Interest Rates and Smart Borrowing with Excel PMT Function

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  1. Interest Rates and Borrowing Be a $mart consumer.

  2. Open an Excel spread sheet and type the PMT formula as shown above. • Put your name in cell D1. • Save as period number last name first name payment • CCHS print LHS save to grading flash drive or email • keithd@clayk12.org

  3. Quick Review In this lesson, you learned that the PMT function can be used to calculate the amount of monthly payments on a loan based on the interest rate and time of payment and used an Excel spreadsheet to calculate the payments. • You can easily see that when you borrow money • you end up paying a huge portion in interest. • Debt influences future employment and purchases in many ways. • Employers often run a credit check on potential employees • they know that financial problems may mean problems on the job. • Any time you apply for a credit card or a loan, your credit is also checked. • So start from the beginning • establish good credit, • always pay your bills on time, • and limit the amount of debt you incur.

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