Question
You just graduated college with your Bachelors Degree and accepted a job offer at your dream company. You decided to celebrate by purchasing a Mercedes
You just graduated college with your Bachelors Degree and accepted a job offer at your dream company. You decided to celebrate by purchasing a Mercedes Convertible (see picture above) for $52,455. You have a 720 credit score, therefore you were able to get a 5% interest rate on a 7 year loan. You will be making monthly payments. Using Excel, prepare a professional amortization schedule for the entire 7 years. It must include the payment and the total amount of interest you will pay over the 7 years. (Hint: interest rates are annual, you must convert them to monthly and the periods must be in months, for example, how many months are in 7 years). The Excel cells must contain formulas when appropriate, I recommend cell referencing, and using both relative and absolute.
Deliverables: Two files. The first one will be the professional Excel Spreadsheet. The second one will be the same spreadsheet but with "show formulas" on. These should be saved as two separate files and both uploaded to this assignment.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started