Question: Calculating loan payments - Excel 2 x FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In X Arial - 12 A A =

Calculating loan payments - Excel 2 x FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In X Arial - 12 A A = M Paste BIU- %6 Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Editing 0:48:02 Clipboard Font D14 for A B D E F G H I J K 3 You want to buy a new sports coupe for $79,500, and the finance office at the dealership has quoted you an APR of 5.8 percent for a 60-month loan to buy the car. What will your monthly payments be? What is the effective annual rate on this loan? 4 5 6 $ 7 Cost of Car Discount rate # of years # of times compounded per year 79,500 5.8% 5 12 8 9 10 11 12 Complete the following analysis. Do not hard code values in your calculations. All answers should be positive. 13 14 Payment 15 Effective interest rate 5.96% 16 17 18

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