Inputs for an annual loan

In this example, you will need to enter the required inputs for a loan where the PMT() function has already been entered to determine installment payments. This will show how easy it is to use the PMT() formula before you start using it yourself!

This loan is as follows:

• Loan balance is $1,000,000.
• Interest is 5%, payable annually.
• Loan amortizes for 10 years.

Your job is to enter the required inputs; you shouldn't need to guess the payment on this exercise to correctly come up with the installment payments!