Minimum monthly salary

[lealeadupont]

Can someone help me with this questions please ??

Mr. X wants to take a loan of 250,000 from the bank. The interest rate is 4% yearly, and the total period is for 5 years. Mr. X is making monthly payments. The bank’s condition is that the monthly salary has to be 4 times the monthly payment. What has to be the minimum monthly salary with the above data?

 

[earthworm]

Can someone help me with this questions please ??

Mr. X wants to take a loan of 250,000 from the bank. The interest rate is 4% yearly, and the total period is for 5 years. Mr. X is making monthly payments. The bank’s condition is that the monthly salary has to be 4 times the monthly payment. What has to be the minimum monthly salary with the above data?

Hope this helps

Book1
	A	B
1	Loan Amount	250,000.00
2	Interest Rate	4%
3	Period in Years	5
4	Principal Monthly Installment	4,166.67
5	Total Markup	50,000.00
6	Monthly Markup	833.33
7	Monthly Installment with Markup	5,000.00
8	Loan Conditon 4 Times Monthly Payment	20,000.00
Sheet1

Cell Formulas
Range	Formula
B4	B4	=B1/60
B5	B5	=B2/365*(365*5)*B1
B6	B6	=B5/60
B7	B7	=B4+B6
B8	B8	=B7*4

 

[BSALV]

minimal monthly earning = 18.400 € (my column E)

Map1
	A	B	C	D	E
1	Loan Amount	250000			250000
2	Interest Rate	4,00%		monthly rate	0,33%
3	Period in Years	5			60
4	Principal Monthly Installment	4166,666667
5	Total Markup	50000		monthly payment	-4.596,07 €
6	Monthly Markup	833,3333333
7	Monthly Installment with Markup	5000
8	Loan Conditon 4 Times Monthly Payment	20000			18.384
Blad6

Cell Formulas
Range	Formula
E2	E2	=+POWER(1+B2,1/12)-1
E3	E3	=+B3*12
E5	E5	=PMT(E2,E3,E1)
B4	B4	=B1/60
B5	B5	=B2/365*(365*5)*B1
B6	B6	=B5/60
B7	B7	=B4+B6
B8	B8	=B7*4
E8	E8	=+E5*-4