Question: PLEASE USE EXCEL AND SHOW WORK! (4) You intend to purchase a new car upon graduation in two years. It will have a cost of

PLEASE USE EXCEL AND SHOW WORK!

(4) You intend to purchase a new car upon graduation in two years. It will have a cost of $37,851 (this is the average new car transaction price as of Jan 2020), including all extra features and fees. You just won a $5,500 from a lottery ticket that you intend to deposit in a money market account that pays 5.8% interest, compounded quarterly.

(4a) If you use the amount in the money market account for a down payment, and take out an auto loan for the remainder, how much will you need to borrow?

(4b) The car dealership advertises that there are two types of loans for freshly graduated college students. There is a 4.69% (annualized rate, or APR) for 60 months negotiation, the dealership is willing to offer $1500 discount if you will finance the car for 60 months, how much you will pay each month for either type of loans?

(4c) The car dealership advertises that there are two types of loans for freshly graduated college students. There is a 6.69% (annualized rate, or APR) for 72 months negotiation, the dealership is willing to offer $1800 discount if you will finance the car for 72 months, how much you will pay each month this loans?

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