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PV and FV functions in Excel

please do not answer if you are not 100% sure of the answer ! :) Also, PLEASE explain HOW you got your answer. I have to show my work in Excel so explain how I get my answer in excel. ANSWER BOTH QUESTIONS PLEASE :)

1)You need to have $10,000 to pay for your wedding in 5 years. How much do you need to deposit today in a bank that pays 4% interest, compounded annually, in order to achieve your goal?

2)You obtain an installment loan to pay for graduate school in the amount of $30,000. If the lender charges you 7% interest and you are required to pay the loan off in equal annual installments over a period of 8 years, what is the amount of each installment?

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Jean Keeling
Jean KeelingLv2
30 Sep 2019
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I NEED TO KNOW TWO THINGS

1) What do I choose under finance on Excel . Example : FV, PV etc

2) what exactly block by block do I type in excel? Example: Rate ,pv, fv, type, etc

please do not post formulas unless it is from excel like above

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** I know the answer is 14.36%, however i need a detailed, thorough explanation in layman's terms on how you got the answer. Can you show me how to do it on the financial calculator or excel depending on which is easier. Please explain, don't just throw numbers at me. Thanks

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