Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need assistance with understandiing how to do this project, Im confuse on how to apply this to excel Loan Amortization Scenario Since everyone is
I need assistance with understandiing how to do this project, Im confuse on how to apply this to excel
Loan Amortization Scenario Since everyone is in a different financial situation, choose the scenario that interests you the most. Of course, you do not have to share your personal financial position; you are welcome to "invent" the starting figures. - How much "car" can you afford? The rule of thumb is to plan on spending 10% to 15% of your total monthly budget on all automotive expenses. This includes gas, insurance, regular maintenance. Calculate the amount that you can afford. - Go to www. Edmunds.com , www. Cars.com, or other website or classified ad and, based on your estimate of affordability, search for a car in an area that you desire that you can afford. Take a screenshot of that page and insert the image in your spreadsheet. - Calculate the customary 20% down payment. Do you have the money for a 20% down payment or must you make an adjustment? - Research loan offers and find the best car loan rate. Take a screenshot of that page and insert the image in your spreadsheet. - Using all of the information that you have researched, complete an amortization table for your loan at the best interest loan rate you found. - The spreadsheet with its calculations and answers to all of the questions. Loan Amortization Scenario Since everyone is in a different financial situation, choose the scenario that interests you the most. Of course, you do not have to share your personal financial position; you are welcome to "invent" the starting figures. - How much "car" can you afford? The rule of thumb is to plan on spending 10% to 15% of your total monthly budget on all automotive expenses. This includes gas, insurance, regular maintenance. Calculate the amount that you can afford. - Go to www. Edmunds.com , www. Cars.com, or other website or classified ad and, based on your estimate of affordability, search for a car in an area that you desire that you can afford. Take a screenshot of that page and insert the image in your spreadsheet. - Calculate the customary 20% down payment. Do you have the money for a 20% down payment or must you make an adjustment? - Research loan offers and find the best car loan rate. Take a screenshot of that page and insert the image in your spreadsheet. - Using all of the information that you have researched, complete an amortization table for your loan at the best interest loan rate you found. - The spreadsheet with its calculations and answers to all of the questionsStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started