Answer:
Following is given the detailed solution for each part.
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Explanation:
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Answer:
The required cash used to retire a debt can be computed as follows:
Cash used to retire debt = cash available to retire a debt, if the cash available to retire debt is less than the loan balance from previous month. Otherwise, cash used to retire debt is equal to the loan balance from previous month.
The excel formula to perform this task is provided as follows:
D33 = IF(D32<C34,D32,C34)
The same formula is used to get the values for E33 to I33.
Explanation:
See the attached picture for table.
