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Can you please show me how to calculate these values in excel using formulas? Thanks! *To be clear, I need the formulas for B22-B25 with
Can you please show me how to calculate these values in excel using formulas? Thanks! *To be clear, I need the formulas for B22-B25 with the information provided below. The interest table is listed from A20-B22.*
34. Car Loan Payment Calculation Problem. Compute the Monthly Loan Payment using the template shown. You want to buy a 2019 Toyota Highlander, priced at 47,605. You have a down payment of $5,000. You want the balance to be in a 5-year loan. In B22, enter the VLOOKUP formula to get the annual interest rate using the table INTEREST range name ("Work Tables" sheet.) In cell B23, enter a formula to compute the monthly interest rate. In cell B24, enter a formula to compute the total number of payments. In cell B25, enter PMT() function to compute the monthly loan payment amount. (2+2+2+2= 8) Interest 345 5.34% 4.71% 4.77% 18 Car Loan Payment Calculation 19 Car Price 20 Downpayment/Trade-In 21 Number of Years 22 Annual Interest Rate 23 Monthly Interest Rate 24 Number of Payments 25 Monthly Loan Payment 47,605 5,000 5 (2) (2) (2) (2) * The price of the car * Trade-in value allowance * Number of year finance the car * it should be negative to represent an outflowStep by Step Solution
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