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You want to buy a new sports coupe for $84,500, and the finance office at the dealership has quoted you an APR of 4.7 percent
You want to buy a new sports coupe for $84,500, and the finance office at the dealership has quoted you an APR of 4.7 percent for a 60 -month loan to buy the car. What will your monthly payments be? What is the effective annual rate on this loan? Input area: (Use cells A6 to B9 from the given information to complete this question. Your payment should be a positive value.) Output area: 14 18 19 20 Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. 21 Nothing in this area will be graded, but it will be submitted with your assignment. For an answer to be graded as correct, you must use an Excel formula: 1. Begin each formula with an = sign. 2. Reference cells, instead of entering values. Example: =B3+C3
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