Question: Question 2: 4 points *Please calculate and show excel formulas* You have been offered the opportunity to purchase a vehicle where you borrow $24,000 at

Question 2: 4 points

*Please calculate and show excel formulas*

You have been offered the opportunity to purchase a vehicle where you borrow $24,000 at an annual interest rate of 5% for a term of five years. However, similar to many other loans, your payments are calculated on a monthly or weekly basis

Please calculate what a) what your monthly payment would be and,

b) What would be the payment if you choose to elect to have a weekly plan? (Hint: assume a 52-week year and for this question dont simply divide your monthly answer by four, as compounding on a weekly basis is different from a monthly plan).

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