Question: Please use Excel, showing the EXCEL formula: After making a down payment of $4000 for an automobile, Murphy paid $400 per month for 36 months

Please use Excel, showing the EXCEL formula:

After making a down payment of $4000 for an automobile, Murphy paid $400 per month for 36 months with interest charged at 12% per year compounded monthly on the unpaid balance.

  • What was the original cost of the car?

  • What portion of Murphys total car payments went toward interest charges?

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