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Suppose you are considering buying a car, but not sure how much you can afford. So you call the car dealership and find out that the interest rate is 4% and the term is generally 5 years. Suppose that...

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Suppose you are considering buying a car, but not sure how much you can afford. So you call the car dealership and find out that the interest rate is 4% and the term is generally 5 years. Suppose that your monthly income is $2,000 and your total expenses are $1,500.Based on this information, perform an analysis in Excel using PMT function and data tables to find out what price you can afford for a car. Then, submit the following:1) Excel file containing your calculations and data table2) Your conclusion based on your analysis
Answered Same DayMar 15, 2022

Solution

Khushboo answered on Mar 16 2022
73 Votes
Sheet1
        Interest rate    4%
        Term (Yrs)    5
        Montly income    2000
        Total expenses    1500
        Net savings    500
        Amount of loan can be obtained    $ 27,149.53
        Monthly payment    $ 500.00
        Amount of loan considering 60% of savings in installment    $ 16,289.72
        Analysis
        In the case, the monthly...
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