D H NPER and RATE and FV Calculations with compounding periods less than 1 Yea Solve for the values required in the green calls Before attempting this problem, read the handout "Impact of Comounding Periods" located in the Handouts folder. Problem 1: You purchased a new car for $24,750. You made a 10% down payment, and financed the rest for 4 years making $495.80 monthly payments. What APR did your bank charge you for this loan? n car price 24,750 down pmt 10% EN pmt 495.80 $ Financed: APR: Problem 2: Your parents had $850,000 in savings when they retired. They made contributions to their retirement account at the beginning of each month of $600. If they earned an average of 6.4% on their savings, how many YEARS did it take them to reach that balance? 6.4% $850,000 12 $ 600.00 You may uso Exel Functions or Time Value formulas Do not round any calculations Solutions should be positive numbers Reference the values in the gray cells in your formulas PMT refers to an annuity payment m' refers to the number of compounding periods per year if m=12. payments are monthly, I m-4 they are quarterly, if m=2 they are semiannual. it name main