You want to buy a new car and are trying to decide how best to finance it. Thecar costs $20,000and you would like to pay it back over 4 yearsmakingpayments every two weeks. Your bank charges13.1 percent compounded monthlyfor its car loans. Thecar lot you want to buy from charges arate of 12.95 percent based on weekly compounding. Who should you borrowfrom? Why? How much do you have to pay every two weeks for either option? If the car lot"sweetens the deal"byoffering to cover the first payment, how much does the caractually costyou TODAY.

*NO REFERENCE

*USE EXCEL TO SOLVE THIS QUESTION.

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