Question
Answer this question using Excel. You buy a car for $29,500. The dealer offers financing at 8.5% APR, with $2,500 cash down, and monthly payments
Answer this question using Excel. You buy a car for $29,500. The dealer offers financing at 8.5% APR, with $2,500 cash down, and monthly payments for three years. In cell B2 compute the size of the payments. Starting in row 15, construct a full amortization schedule for your loan. Columns should include column A: Payment Number, column B: Loan Balance at Start of Month, column C: Monthly Payment, column D: Interest Paid this Month, column E: Principal Repaid this Month, and column F: Loan Balance at End of Month. Print out the full spreadsheet on one sheet of paper.
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