Problem 4-21 When you purchased your car, you took out a five-year annual-payment loan with an interest rate of 6% per year. The annual payment on the car is $5,000. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following scenarios? Complete the steps below using cell references to given data or previous calculations. In some cases, a simple cell reference is all you need. To copy/paste a formula across a row or down a column, an absolute cell reference or a mixed cell reference may be preferred. If a specific Excel function is to be used, the directions will specify the use of that function. Do not type in numerical data into a cell or function. Instead, make a reference to the cell in which the data is found. Make your computations only in the blue cells highlighted below. In all cases, unless otherwise directed, use the earliest appearance of the data in your formulas, usually the Given Data section. a. You have owned the car for one year (so there are four years left on the loan). b. You have owned the car for four years (so there is one year left on the loan). $ Annual payment Interest rate Number of periods 5,000 6% 5 a. You have owned the car for one year (so there are four years left on the loan)? Number of periods 4 Payoff amount b. You have owned the car for four years (so there is one year left on the loan)? Number of periods 1 Payoff amount A positive value is expected. AutoSave OFF OFF HEU = alamri_Berk_DeMarzo_Harford Problem_4-21_Start a Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Times New Roman X LG v 14 ~ Al A 25 Wrap Text PIE Accounting 2 Insert v Delete v Format 4 v Paste BIU 7 Ay = = = Merge & Center Y Y Conditional Format Cell Formatting es Table Styles Sorte Filter Ideas Find & Select Sensitivity D22 fx C A B D E J KL M N 0 P Q R S T U 1 Problem 4-21 2 3 When you purchased your car. you took out a five-ycar annual-paymcat loan with an interest rate of 6% per year. The mual payment on the car is $5,000. You bave just make a payment and bave now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following scenarios? Complete the steps below using cell references to given dato or previous calculations. In some cases, a simple cell reference is all you need. To copy paste a formula across a row or down a column, on absolute cell reference or a mixed cell reference may be preferred. If a specific Excel function is to be wel the directions will spy te of that function. Do not dygn in numerical data into a culor function. Instead, make a reference to the cell in which the data is found. Make Wur computations only in the blue cells highlighted below. In all cases, unless otherwise directed, use the earliest appearance o the data in your formulas, usually the Given Data section. 4 a. You have owned the car for one year (so there ure four years left on the loan). b. You have owned the car for four years (so there is one year left on the lowm), 8 $ 9 Annual payment Interest rate Number of periods 5,000 6% S 10 11 12 a. You have owned the car for one year (so there are four years left on the loan)? 13 14 Number of periods 4 Payoff' amount 15 16 17 12 19 20 21 22 b. You have owned the car for four years (so there is one year left on the loan)? Number of periods 1 Payoll amount A positive salus in sial 23 4-21 + Ready # E- + 100%