Question: Show steps through excel using formulas like PV(), PMT() 8.1 Loan Calculations I Terry wants to purchase a used car for $8000. The dealer has

Show steps through excel using formulas like PV(), PMT() 8.1 Loan

Show steps through excel using formulas like PV(), PMT()

8.1 Loan Calculations I Terry wants to purchase a used car for $8000. The dealer has offered to finance the deal at 8.5% APR for 4 years with a 10% downpayment. Terry's bank will provide a loan at 7.8% for 3 years, but wants a 20% downpayment. a. Calculate the required downpayment and monthly payment for each loan option. (Assume monthly compounding and monthly loan payments.) b. The PV for both options (including the downpayments) is the same, $8000. What additional factors should Terry consider when deciding which is the best deal for her

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