Question: solve with wxcel please Required: Use excel spreadsheet to solve the following problems Problem 1: A young engineer's stating salary is 55,000. The engineer expects
Required: Use excel spreadsheet to solve the following problems Problem 1: A young engineer's stating salary is 55,000. The engineer expects annual raises of 3%. The engineer will deposit 10% of the annual salary at the end of each year in a savings account. What is the savings interest rate must be so that there will be $150,000 in savings for a business start-up after 15 years. Your spreadsheet include at least columns for the year, the year's salary, the year's deposit, and the year's cumulative savings. Show the formula you use for calculation. Problem 2: A used car dealer advertises financing at 4% interest over 3 years with monthly payments. You must pay a processing fee of $900 at signing. The car you like costs $12,000. (a) What is your effective annual interest rate? (b) After one year, you would like to pay off the loan. What is the effective interest rate and APR? Including the Function or Equation you use to do the calculations in your spreadsheet
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
