Question: Please answer this question ASAP. & provide the correct function to use. In Chapters 8 & 10 ve learned about using functions to determine the

Please answer this question ASAP. & provide the correct function to use. Please answer this question ASAP. & provide the correct function to use.

In Chapters 8 & 10 ve learned about using functions to determine the payment on a loan. You are going to buy a new car. The cost of the car is $80,000. You have been offered two payment plans: Payment Plan 1 -A 15% discount on the sales price of the car followed by 72 monthly payments financed at 4.5% per year. Payment Plan 2 - No discount on the sales price of the car followed by 84 monthly payments financed at 2.75% per year. If you believe your annual cost of capital is 5.75%, which payment plan is a better deal (better deal = lowest NPV). You will need to calculate the monthly payments first before calculating the NPV. Assume all payments occur at the end of the month. (10 points) NPV (*need cost of capital to solve) Which payment plan is a better deal ? Payment Plan Payment Plan 2 Month 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36

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