Consider a $150,000 mortgage at 5% annual interest compounded monthly, to be paid back over the next 30 years. The loan will have a $5,000 balloon payment due at the end of the loan. Write an Excel formula to determine the payment that must be made each month on this loan.

Assume that you are investing $3,000 in a savings plan today and will make additional contributions of $300 per quarter. The plan pays 3% interest per year compounded quarterly at the beginning of each period. Write an Excel formula to determine how much your savings will be worth in five years.

20. Write an Excel formula to determine the amount of money that can be depreciated each year, using straight line depreciation, for a new packaging machine purchased by your company. The machine originally cost $150,000 and has a useful life of 5 years and an estimated salvage value of $5,000.