Question: please work this out on excel with step by step instructions. must use goal seek or solver within excel to solve 1.19 Many consumers buy

please work this out on excel with step by step instructions. must use goal seek or solver within excel to solve  please work this out on excel with step by step instructions.
must use goal seek or solver within excel to solve 1.19 Many

1.19 Many consumers buy expensive items, such as cars and houses, by borrowing the purchase cost from a bank and then repaying the loan on a constant monthly basis. If P is the total amount of money that is borrowed initially, the amount of the monthly payment, A, can be determined from the formula A=P[(1+i)n1i(1+i)n] where i is the monthly interest rate, expressed as a decimal (not a percentage), and n is the total number of payments. Suppose you borrow $10,000 to buy a car. (a) If the nominal interest rate is 8 percent API (which is equivalent to a fractional monthly interest rate of 0.08/12=0.006667 ) and you borrow the money for 36 months, how much money will you have to repay each month? (b) If you are required to repay $350 each month for 36 months, what is the corresponding monthly interest rate? (c) If you choose to repay $350 each month at the 0.006667 monthly interest rate, how many payments (i.e., how many months) will be required to repay the loan? (d) Do all of the above questions require the use of the Goal Seek feature in Excel

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