Are the two options shown below equivalent in paying off the loan?

Corporate Fin Focused Approach
5th Edition
ISBN:9781285660516
Author:EHRHARDT
Publisher:EHRHARDT
Chapter4: Time Value Of Money
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Please explain using Excel functions and thank you in advance. 

Your dad has agreed to loan you $25000 at a rate of 2% per year for 5 years. Are the two options shown below equivalent in paying off the loan?

Option 1: You pay $500 every year end for 5 years and $25000 at the end of the 5th year

Option 2: You pay $5,500 at the end of the first year, $5,400 at the end of the second year, $5,300 at the end of the third year, $5,200 at the end of the fourth year, and $5,100 at the end of the fifth year.

*Please explain using Excel functions and thank you in advance

 

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