Question: You are considering purchasing a new car and will need to finance this purchase. Using a calculator calculate the interest for a loan of $14,000

You are considering purchasing a new car and will need to finance this purchase. Using a calculator calculate the interest for a loan of $14,000 for one year, using simple interest, at the following rates of interest:

9%
12.5%

For both calculations write down you're working out in addition to the answer.

b. Create an Excel spreadsheet (with built in formulas) to check your answers. Again, you must show your calculations. Save this file as 'Question 2'.

c. Comparing the manual calculation method and Excel spreadsheet method which method would you recommend and why?

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