Calculation $1$

Please show all workings. This is excel based assignment so please use excel calculation formula. Thank you.

You have purchased a new car for $$43250.$ To get this price, you needed to use financing

provided by the car deal. The term of the loan is $7$ years at $6\mathrm{.}7\%$ with monthly payments.

What will the monthly payment be for this car?

Enter your formula in cell A$3.$

Calculation $2$

After purchasing a new house, you want a new TV and audio system. Unfortunately, you have

very poor credit and can't get financing through a normal back. So$,$ you finance it through a a

high interest short$-$term lender.

The total cost of the equipment is $$3500.$ The interest rate is $13\mathrm{.}5\%$ and the payments are

weekly for $6$ months $($assume half of a year$).$

What will the weekly payment be for the equipment?

Enter your formula in cell A$6.$

Calculation $3$

You have a bit of a gambling problem. After a string of losses, betting on just about anything

that moved, you owe Jeff your neighborhood bookie $$50,000.$

Jeff won't let you bet anymore, but he offers you a payment plan. After carefully considering that

you don't want Jeff to break your legs you agree to the payment plan.

On the $1^{st}$ and ${15}^{th}$ of each month, you'll pay Jeff $$1350.$ You will do this for $3$ years.

What interest rate is Jeff charging you?

Enter your formula in cell A$9.$

Calculation $4$

Your friend Sally is bragging about the great mortgage rate she got from her mortgage broker

but she won't say what the rate is$.$

You know that the purchase price of the house was $$350,000$ and she's making monthly

payments of $$2450.$ What interest rate is Sally being charged?

Enter your formula in cell A$12.$

Calculation $5$

You recently graduated from university and have your first job. You got lucky and have a fairly

high income with enough disposable income to purchase a house. The house you want to

purchase is $$400,000$

You are very lucky to have rich parents that provided you a trust fund that will pay you $$300,000$

when you turn $28($in $5$ years$).$

Your plan is to obtain a $5$ year mortgage for the purchase price of the house and pay off

$$100,000$ of the principal over the life of the mortgage. Then when the mortgage is complete,

use the $$300,000$ from the trust fund to pay off the remaining principal.

The bank is offering you a mortgage with monthly payments and an interest rate of $6\mathrm{.}3\%.$ How

much should be the monthly payments be to implement your plan?

Enter your formula in cell A$15.$