Excel Online Activity: Compare Hypothetical Vehicle Loans

Assume you have decided to buy a used car by borrowing $$9,500$ and you have offers for loans at $6,7,$ and $8$ percent and each can be for two, three, or four years.

The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below. Do not round intermediate calculations. Round your answers to the nearest cent.

Open spreadsheet

Determine the monthly payment for each of the nine loan arrangements.

Amount Borrowed i $($APR$)$ n $($years$)$ Monthly Payment

$$9,5006\%2$ $ fill in the blank $2$

$$9,5006\%3$ $ fill in the blank $3$

$$9,5006\%4$ $ fill in the blank $4$

$$9,5007\%2$ $ fill in the blank $5$

$$9,5007\%3$ $ fill in the blank $6$

$$9,5007\%4$ $ fill in the blank $7$

$$9,5008\%2$ $ fill in the blank $8$

$$9,5008\%3$ $ fill in the blank $9$

$$9,5008\%4$ $ fill in the blank $10$

Monthly Loan Payment Calculator

Amount Borrowed i $($APR$)$ n $($months$)$

$$9,5006\mathrm{.}00\%24$

$$9,5006\mathrm{.}00\%36$

$$9,5006\mathrm{.}00\%48$

$$9,5007\mathrm{.}00\%24$

$$9,5007\mathrm{.}00\%36$

$$9,5007\mathrm{.}00\%48$

$$9,5008\mathrm{.}00\%24$

$$9,5008\mathrm{.}00\%36$

$$9,5008\mathrm{.}00\%48$