Question: 13) EAIR on Lease example - Show work in Excel Template both tabs (Total 8 points for this problem) At Scott's Motors of Providence, RI

13) EAIR on Lease example - Show work in Excel Template both tabs (Total 8 points for this problem) At Scott's Motors of Providence, RI you can lease it for the following lease offer for a Honda Accord car. Lease term: 48 months No initial deposit, $15,995 balloon payment at end of lease Daily payment: $10 a day, payable monthly Tesla car cash cost: $25,900 a. Assuming 30 days per month, compute the effective annual interest rate (EAIR) in the lease. (Show work in Excel for credit-1" tab. Total 4 points) b. Compute the balloon payment that gives a 7% EAIR (use Goal Seek and use the 2nd tab) (Show work in Excel for credit - 2nd tab. Total 4 points)

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