You have just taken out a $20,000 car loan with a 6% APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? 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 mumerical data into a cell or finction. 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, umless otherwise directed, use the earliest appearance of the data in your formulas, usually the Given Data section. Requirements 1 In cell D11, by using cell references, calculate the monthly interest rate (1 pt.). 2 In cell D12, by using cell references, calculate the monthly payment of the loan (1 pt.). Note: For the nper parameter, use cells D8 and D9. 3 In cell D13, by using cell references, calculate the amount that goes toward the interest (1 pt.). 4 In cell D14, by using cell references, calculate the amount that goes toward the principal (1 pt.). You are considering two ways of financing a spring break vacation. You could put it on your credit card, at 15% APR, compounded monthly, or borrow the money from your parents, who want an 8% interest payment every six months. Which is the lower rate? Complete the steps below using cell references to given data or previons calculations. In some cases, a simple cell reference is all you need. To copy/paste a formila 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 spectfy the use of that finction. Do not type in mumerical 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 highighted below. In all cases, miless otherwise directed, use the earliest appearance of the data in your formulas, ustually the Given Data section. Requirements 1 In cell D11, by using cell references, calculate the EAR corresponding to borrowing on your credit card (1 pt.). 2 In cell D12, by using cell references, calculate the EAR corresponding to borrowing from your parents. Note: Notice that the rate in cell D8 is NOT expressed as an APR. (1 pt.). 3 In cell D13, type either credit card or parents depending on which EAR is the lowest ( 1 pt.). You have just taken out a $20,000 car loan with a 6% APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? 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 mumerical data into a cell or finction. 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, umless otherwise directed, use the earliest appearance of the data in your formulas, usually the Given Data section. Requirements 1 In cell D11, by using cell references, calculate the monthly interest rate (1 pt.). 2 In cell D12, by using cell references, calculate the monthly payment of the loan (1 pt.). Note: For the nper parameter, use cells D8 and D9. 3 In cell D13, by using cell references, calculate the amount that goes toward the interest (1 pt.). 4 In cell D14, by using cell references, calculate the amount that goes toward the principal (1 pt.). You are considering two ways of financing a spring break vacation. You could put it on your credit card, at 15% APR, compounded monthly, or borrow the money from your parents, who want an 8% interest payment every six months. Which is the lower rate? Complete the steps below using cell references to given data or previons calculations. In some cases, a simple cell reference is all you need. To copy/paste a formila 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 spectfy the use of that finction. Do not type in mumerical 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 highighted below. In all cases, miless otherwise directed, use the earliest appearance of the data in your formulas, ustually the Given Data section. Requirements 1 In cell D11, by using cell references, calculate the EAR corresponding to borrowing on your credit card (1 pt.). 2 In cell D12, by using cell references, calculate the EAR corresponding to borrowing from your parents. Note: Notice that the rate in cell D8 is NOT expressed as an APR. (1 pt.). 3 In cell D13, type either credit card or parents depending on which EAR is the lowest ( 1 pt.)