The Ford Taurus promotion is as follows: $22,300 selling price with 4.8% annual interest rate compounded monthly for 5 years. A down payment of 5% is required. Write an Excel function in cell H3 to determine the monthly payment on this loan. (Hint: Use the PMT() function. No $ are needed since you are not copying down or across here.). 

 

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1 A B annual interest 2 Car 3 Taurus $ 22,300 4 Thunderbird $ 24,300 5 Focus $ 15,799 6 Windstar $ 17,999 7 Mustang $15,045 $10,473.75 8 Question 8 Selling Price rate 4.8% 6.8% 3.5% 12.5% 6.2% D E Car Analysis 5% $ 0% $ F LL 14,219 17,099 15,045 % down Loan Amount #yrs per year per period FV 5% $ 21,185 5 12 $ (398) $ 12 $ (259) $ 20% $ 19,440 8.17 10% $ 12 $ (225) $ 4 $(1,730) $ 12 $ (320) $ 5 3 4.5 Balloon #periods Payment Payment or with . Can afford (2,204) inheritence FALSE FALSE TRUE TRUE TRUE 1 A B annual interest 2 Car 3 Taurus $ 22,300 4 Thunderbird $ 24,300 5 Focus $ 15,799 6 Windstar $ 17,999 7 Mustang $15,045 $10,473.75 8 Question 8 Selling Price rate 4.8% 6.8% 3.5% 12.5% 6.2% D E Car Analysis 5% $ 0% $ F LL 14,219 17,099 15,045 % down Loan Amount #yrs per year per period FV 5% $ 21,185 5 12 $ (398) $ 12 $ (259) $ 20% $ 19,440 8.17 10% $ 12 $ (225) $ 4 $(1,730) $ 12 $ (320) $ 5 3 4.5 Balloon #periods Payment Payment or with . Can afford (2,204) inheritence FALSE FALSE TRUE TRUE TRUE

Answer rating: 100% (QA)

SOLUTION To calculate the monthly payment on the Ford Taurus promotion loa... View the full answer