You are interested in buying a brand-new jalopy and expect the purchase price to be $19,000. The car dealership can offer financing at a 6% interest rate over 6 years. If you put 1,000 down towards the purchase and accept the financing terms, what will your monthly payment for the loan be? In Excel, I need to know all the steps in Excel for the answer. Everything thing needs to be filled in, so I have all parts answered for this question. Thank You! Please do not use another example in Excel because that is not the way i am supposed to solve it all arguments in EXCEL need to be entered when using PMT in Excel I have the answer I need to show how I came up with that answer using all the arguments in one box not broken down to 2 different steps. Thanks, and here is the answer.298.31 The following are the values given to calculate the monthly payment. The purchase price of the jalopy is $19,000 and down payment is $1,000. Hence, the present value of jalopy is $18,000 ($19,000 - $1,000). The annual interest rate is 6%. But the monthly interest rate should be considered as the monthly payment need to be calculated. Hence, the monthly interest rate is 0.005 (6%/12). The period of the loan is 6 years and compounded monthly. Hence, the number of monthly payments is 72 (6 × 12). Calculate the monthly payment as follows: MS-Excel --> Formulas --> Financials --> PMT In the earlier questio you did not enter a FV or type and I do need to know that. I have to enter ever function into Exel this is my second time sending this back to you please do it correctly in EXCEL. Thank You so much!
You are interested in buying a brand-new jalopy and expect the purchase price to be $19,000. The car dealership can offer financing at a 6% interest rate over 6 years. If you put 1,000 down towards the purchase and accept the financing terms, what will your monthly payment for the loan be? In Excel, I need to know all the steps in Excel for the answer. Everything thing needs to be filled in, so I have all parts answered for this question. Thank You! Please do not use another example in Excel because that is not the way i am supposed to solve it all arguments in EXCEL need to be entered when using PMT in Excel I have the answer I need to show how I came up with that answer using all the arguments in one box not broken down to 2 different steps. Thanks, and here is the answer.298.31
The following are the values given to calculate the monthly payment.
The purchase price of the jalopy is $19,000 and down payment is $1,000. Hence, the present value of jalopy is $18,000 ($19,000 - $1,000).
The annual interest rate is 6%. But the monthly interest rate should be considered as the monthly payment need to be calculated. Hence, the monthly interest rate is 0.005 (6%/12).
The period of the loan is 6 years and compounded monthly. Hence, the number of monthly payments is 72 (6 × 12).
Calculate the monthly payment as follows:
MS-Excel --> Formulas --> Financials --> PMT In the earlier questio you did not enter a FV or type and I do need to know that. I have to enter ever function into Exel this is my second time sending this back to you please do it correctly in EXCEL. Thank You so much!
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