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Q14. Brett Bergeron (F381 Fall '04, F382 Spring '05), former SLU golfer has recently won his first Nike golf tournament after turning professional. To celebrate

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Q14. Brett Bergeron (F381 Fall '04, F382 Spring '05), former SLU golfer has recently won his first Nike golf tournament after turning professional. To celebrate he has just purchased a 2007 White Diamond Cadillac STS at Durham Autoplex at a price of $53,125. Brett is going to finance the car over a three-year period and his monthly payments will be $1,652.52 through GMAC. What (nominal) annual interest rate is Brett being charged on his loan? Place the appropriate values in the proper cells in Row 11, given the columns as provided below. Show your answer in the relevant cell and circle it. Provide the EXACT Excel function using cell references only, that solves the problem in the space below. Note, where relevant, PV answers should be shown as a negative number. Row Column letter Number A B C D E F 10 m #Yrs Ann Rate PVPMTFV 11 EXACT EXCEL FUNCTION

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