Question: 5. (0-5pts) Write an Excel formula in cell B8 to determine the amount of money I need to invest today at 6% per year compounded


5. (0-5pts) Write an Excel formula in cell B8 to determine the amount of money I need to invest today at 6% per year compounded monthly to have $5000 in three years. I plan on making additional monthly payments of $25 into the account each month. (Hint: Use the PV() function here.) =PVC 6. (0-5pts) Write an Excel formula in cell G9 to determine the number of years it would take you to pay off a loan for the following: You are buying a Jeep for $23,500 with a $2000 down payment. The rest you are borrowing from the bank at 6.5% annual interest compounded monthly. Your monthly payments are $350. (Hint: Use the NPER() function here to get the number of periods and then divide by the number of periods per year to get the number of years.) =NPER( 0) /
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
