How much the monthly payment will be if you take the loan

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Reference no: EM131361377

You want to buy a Honda Accord that costs you $20,000. But you have only $5,000 cash, so you need to borrow $15,000 from the Fairfax Honda dealer. The dealer tells you the interest rate of the loan is 8% annually and the loan period is 5 years based on your credit. You need to figure out how much the monthly payment will be if you take the loan of $15,000 from the dealer. Use Goal Seek function in Excel.

Reference no: EM131361377

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