Please use excel where possible 24 Jeff buys a used car by paying $1,500 down and $182 50 a month for 3 years What was the cash price of the car, if the interest rate on the loan is 18 , compounded monthly (r12 18 ) a$8,070 00 b) $6,570 00 c) $5,048 08 d) $6,548 08 25 You are evaluating a loan that has to be repaid by monthly payments for five years Given below is the amortization table which shows the payments for the first three months Beginning Month Monthly Interest Principal Ending Balance Payment Paid Repaid Balance 1 $50,000 00 $1,037 92 $375 00 $662 92 $49,337 08 2 $49,337 08 $1,037 92 $370 03 $667 89 $48,669 19 3 $48,669 19 $1,037 92 $365 02 $672 90 $47,996 29 How much of the principal needs to be repaid in the fourth month a) $1,037 92 b) $677 95 c) $359 97 d) $678 31

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Please use excel where possible 24  Jeff buys a used car by paying $1,500 down and $182 50 a month for 3 years  What was the cash price of the car, if the interest rate on the loan is 18 , compounded monthly (r12   18 )   a$8,070 00 b) $6,570 00 c) $5,048 08 d) $6,548 08 25  You are evaluating a loan that has to be repaid by monthly payments for five years  Given below is the amortization table which shows the payments for the first three months  Beginning Month Monthly Interest Principal Ending Balance Payment Paid Repaid Balance 1 $50,000 00 $1,037 92 $375 00 $662 92 $49,337 08 2 $49,337 08 $1,037 92 $370 03 $667 89 $48,669 19 3 $48,669 19 $1,037 92 $365 02 $672 90 $47,996 29 How much of the principal needs to be repaid in the fourth month  a) $1,037 92 b) $677 95 c) $359 97 d) $678 31

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Please use excel where possible 24. Jeff buys a used car by paying $1,500 down and $182.50 a month for 3 years. What was the

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