$(0-6$ pts$)$ Based on the values in row $6,$ write an Excel function in cell C $6$ to calculate the annual

interest rate of the loan for the Ford Windstar. $($Hint: Use the RATE$()$ function and multiply the result

by the number of periods per year to get the annual interest rate. No $ are needed since you are

not copying down or across here.$).$

$=$ RATE

$0*$

$(0-6$ pts$)$ The salesman has told you that for only $$320$ a month and no money down you can own a

Mustang. The loan has an annual interest rate of $6\mathrm{.}2\%$ compounded monthly and is payable over

the next $4\mathrm{.}5$ years. The salesman, however, failed to mention the actual selling price of the vehicle.

Write an Excel function in cell B$7$ to calculate the selling price $($which is also the loan amount since

the down payment is $$0)$ of this vehicle. $($Hint: Use the PV$()$ function here. No $ are needed since

you are not copying down or across here.$).$

$=$ PV

$/$

$,$

$,0)$

$(0-7pts)$ Your great uncle Zeus has died unexpectedly and left you a bank $CD$ in his will. The CD was

purchased $10$ years ago for $$12,000$ and pays $6\%$ per year compounded annually. Write an Excel

formula or function in cell J$3,$ which can be copied down to the cells J$4$:J$7,$ to determine $($TRUE or

FALSE$)$ if you have enough money to purchase this car without any financing. You will not have any

cell references for the financial function so just hard$-$code the numbers for it$.($Hint: Use the FV$()$

function here and check its result to see if it is greater than or equal to the selling price for each

vehicle. Remember to check if you need a $ in one or more of the numbers in the cells used since

you are copying this down.$).$

$=$ FV$($

$0,-$

$,0)$