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Please show the works in detail on Excel Sheet ( along with Formulas ). I really appreciate it. Stacy decides to invest in a $30,000
Please show the works in detail on Excel Sheet ( along with Formulas ).
I really appreciate it.
Stacy decides to invest in a $30,000 car. She goes to a bank and take on a loan for 80% of the car and incurs no origination cost. The term of the loan is amortized over 5 years at 8% (Note: car payments like mortgages are on a monthly basis) 1). What is her monthly payment? 2). What is her 2nd year total INTEREST payment? 3). What is her 4th year total PRINCIPAL payment? 4). What is the value of the loan after 5 yearsStep by Step Solution
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