Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please complete this excel assignment. I need the formulas for Row 23,24,25, and 26. I have attached the answers for you to see. 35. Car

image text in transcribedimage text in transcribed

Please complete this excel assignment. I need the formulas for Row 23,24,25, and 26. I have attached the answers for you to see.

35. 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 B23, enter VLOOKUP formula to get the annual interest rate using the table INTEREST range name (Work Tables" sheet.) In cell B24 enter formula to compute the monthly interest rate. In cell B25 enter formula to compute the total number of payments. In cell B26, enter PMT() function to compute the monthly loan payment amount. (2+2+2+2= 8) 19 Car Loan Payment Calculation 20 Car Price 21 Downpayment/Trade-In 22 Number of Years 23 Annual Interest Rate 24 Monthly Interest Rate 25 Number of Payments 26 Monthly Loan Payment * The price of the car * Trade-in value allowance * Number of year finance the car 47,605 5,000 5 4.77% (2) 0.3975% (2) 60 (2) ($799.53) it should be negative to represent an outflow (2) 27 35. 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 B23, enter VLOOKUP formula to get the annual interest rate using the table INTEREST range name (Work Tables" sheet.) In cell B24 enter formula to compute the monthly interest rate. In cell B25 enter formula to compute the total number of payments. In cell B26, enter PMT() function to compute the monthly loan payment amount. (2+2+2+2= 8) 19 Car Loan Payment Calculation 20 Car Price 21 Downpayment/Trade-In 22 Number of Years 23 Annual Interest Rate 24 Monthly Interest Rate 25 Number of Payments 26 Monthly Loan Payment * The price of the car * Trade-in value allowance * Number of year finance the car 47,605 5,000 5 4.77% (2) 0.3975% (2) 60 (2) ($799.53) it should be negative to represent an outflow (2) 27

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

ISE Financial Institutions Management A Risk Management Approach

Authors: Anthony Saunders Professor, Marcia Millon Cornett, Otgo Erhemjamts

10th International Edition

1260571475, 9781260571479

More Books

Students also viewed these Finance questions