The salesman has told you that for only $320 a month and no money down you can own a Mustang. The loan has an annual interest rate of 6.2% compounded monthly and is payable over the next 4.5 years. The salesman, however, failed to mention the actual selling price of the vehicle. 

Write an Excel function in cell B7 to calculate the selling price (which is also the loan amount since the down payment is $0) of this vehicle.

 

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1 A B annual interest Selling Price rate 2 Car 3 Taurus $ 22,300 4 Thunderbird $ 24,300 5 Focus $ 15,799 6 Windstar $ 17,999 7 Mustang $15,045 $10,473.75 8 Question 8 4.8% 6.8% 3.5% 12.5% 6.2% D E Car Analysis 5% $ 0% $ F LL 14,219 17,099 15,045 % down Loan Amount #yrs per year per period FV 5% $ 21,185 5 12 $ (398) $ 12 $ (259) $ 20% $ 19,440 8.17 10% $ 12 $ (225) $ 4 $(1,730) $ 12 $ (320) $ 5 3 4.5 Balloon #periods Payment Payment or with . Can afford (2,204) inheritence FALSE FALSE TRUE TRUE TRUE 1 A B annual interest Selling Price rate 2 Car 3 Taurus $ 22,300 4 Thunderbird $ 24,300 5 Focus $ 15,799 6 Windstar $ 17,999 7 Mustang $15,045 $10,473.75 8 Question 8 4.8% 6.8% 3.5% 12.5% 6.2% D E Car Analysis 5% $ 0% $ F LL 14,219 17,099 15,045 % down Loan Amount #yrs per year per period FV 5% $ 21,185 5 12 $ (398) $ 12 $ (259) $ 20% $ 19,440 8.17 10% $ 12 $ (225) $ 4 $(1,730) $ 12 $ (320) $ 5 3 4.5 Balloon #periods Payment Payment or with . Can afford (2,204) inheritence FALSE FALSE TRUE TRUE TRUE