Use the appropriate function(s) in Excel to answer the following questions.How much would your monthly payment be on a 4-year loan if the following assumptions were true?You borrowed $5,400.The fixed APR on the loan is 4.8%.  Note: A fixed APR is an annual interest rate that does not change during the 4-year period.You will make equal monthly payments to repay both the loan amount and the monthly interest charges.You want to completely pay off the loan in exactly 4 years.(Round to the nearest cent, do not include a negative sign)Note: while this money is "leaving your wallet" the negative sign should not be included in the numeric answer because it is already implied by the word "payment".

To calculate the monthly payment for a loan in Excel, you can use the PMT function. Here are the steps:

1. Open Excel and click on a cell where you want the result to be displayed.
2. Type =PMT( into that cell.
3. The PMT function requires three arguments: rate, nper (number of periods), and pv (present value or loan amount).
4. For the rate, you need to convert the annual interest rate to a monthly rate by dividing it by 12. So, type 4.8%/12, into the cell.
5. For nper, you need to convert the loan term from years to months. So, type 4*12, into the cell.
6. For pv, you need to enter the loan amount. So, type 5400) into the cell.
7. The cell should now read =PMT(4.8%/12, 4*12, 5400).
8. Press Enter. The cell will display the monthly payment as a negative number.
9. To display this as a positive number, you can modify the formula to =-PMT(4.8%/12, 4*12, 5400).
10. Press Enter. The cell will now display the monthly payment as a positive number.

Remember to round to the nearest cent as per the question's instructions. You can do this by selecting the cell with the result, right-clicking and choosing Format Cells, then selecting Number and setting the decimal places to 2.

To calculate the monthly payment for a loan in Excel, you can use the PMT function. Here are the steps:

1. Open Excel and click on a cell where you want the result to be displayed.
2. Type =PMT( into that cell.
3. The PMT function requires three arguments: rate, nper (number of periods), and pv (present value or the total amount of loan). In this case, the rate is the annual interest rate divided by the number of periods in a year (monthly), so type 4.8%/12, (don't forget to divide the annual rate by 12 to get the monthly rate).
4. The nper is the total number of payment periods in the term of the loan. Since it's a 4-year loan and payments are made monthly, type 4*12, (4 years times 12 months).
5. The pv is the total amount of the loan, which is $5,400. So, type 5400).
6. The complete formula should look like this: =PMT(4.8%/12, 4*12, 5400).
7. Press Enter. The result will be a negative number because it represents a payment. However, since the question asks for the amount without a negative sign, you can adjust the formula to =-PMT(4.8%/12, 4*12, 5400) to get a positive result.
8. Round the result to the nearest cent.

This will give you the monthly payment you would need to make to pay off a $5,400 loan in 4 years with a fixed APR of 4.8%.