Please show all formulas by using excel formula and not finance written formula. It is an excel assignment so it requires using excel formula.

Case $3$: Effective Interest Rates

Sometimes loan vendors include fees that are outside of the interest rate being charged.

However, effectively what it does is raise your costs of taking the loan. To compare loans you

can find the effective interest rate including the feeds.

I got this advertisement from TD$.$ They let you convert a charge on your credit card to a

payment plan. What is the effective interest rate for each of these $3$ payment plans?

Let's break it down for you

For example, let's say you bought a $$1,200$ laptop and are looking to convert it into a $6,$

$12$ or $18$ month TD Payment Plan.

$6$ months:

$$208\mathrm{.}00/$mo

Payment Plan

Annual Interest

Rate$1$: $0\%$

Plan Total

Interest ${?}^{1,2}$ : $0\%$

Payment Plan

Fee: $4\%$

Payment Plan Fee

Amount: $$48\mathrm{.}00$

Total Payment Plan

Amount: $$1,248\mathrm{.}00$

$12$ months:

$$106\mathrm{.}00/$mo

Payment Plan

Annual Interest

Rate$1$: $0\%$

Plan Total

Interest ${?}^{1,2}$ : $0\%$

Payment Plan

Fee: $6\%$

Payment Plan Fee

Amount: $$72\mathrm{.}00$

Total Payment Plan

Amount: $$1,272\mathrm{.}00$

$18$ months:

$$\frac{72\mathrm{.}00}{m}o$

Payment Plan

Annual Interest

Rate': $0\%$

Plan Total

Interest ${?}^{1,2}$ : $0\%$

Payment Plan

Fee: $8\%$

Payment Plan Fee

Amount: $$96\mathrm{.}00$

Total Payment Plan

Amount: $$1,296\mathrm{.}00$

Enter your formulas on Sheet$3.$