WK1 Excel is Fun Workbook.xlsm - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DAT

Question

WK1 Excel is Fun Workbook.xlsm - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW OFFICE TAB ACROBAT I Split Hide 1 LTView side by side Ruler Formula Bar Synchronous ScrollingSwitch rmal Page Break Page Custom V Gridlines ' Headings Zoom 100% Zoom to New Arrange Freeze Selection Window All Panes LUnhide l Bld Reset Window Position Windows- Preview Layout Views Workbook Views Show Zoom Window WK1 Excel is Fun Workbook.xlsm 1 Annual Interest Rate 2 Month Rate 3 Effective Annual Rate 4 0.085 $34,799.00Annual Interest Rate $10,000.00 Monthly Interest Rate 4.80% 6 Price of Car 7 Down Payment 8 Loan Amount 9 Monthly Payment Years for Loan Total Months

Explanation / Answer

loan amount = 34,799 - 10,000 = 24,799

monthly interest rate = 4.8%/12 = 0.4

total months = 5*12 = 60

monthly payment = =PMT(0.4,60,24799,0,0) = 9919.60

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