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! I have to enter a 0 or 1 in FV of the problem I just cannot leave it blank so should I put a 0
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! I have to enter a 0 or 1 in FV of the problem I just cannot leave it blank so should I put a 0
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
