For Excel

As a financial consultant, you work with a family who plans to purchase a $35,000 car. you want to create a worksheet containing variable data( the price of the car, down payment, date of first payment, and borrowers credit rating) and constants ( sales taxrate , years, and the number of payments in one tear). borrowers pay a 0.5% sales tax on the purchase price of the vehicle and their credit rating determines the required down payment percentage and APR.

Down Payment: $5,000

Date of First Payment: January 1, 2021

Term of the loan in years: 5

# of payments per year: 12

Credit: Sales Tax Rate

Excellent 5%

Good 10%

Fair 15%

Poor 20%

Calculate the

APR

Minimum down payment

Sales tax

Total down payment

Amount of the loan

Monthly payment

Thank you