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What initial principal will the given repay

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Question: Solve all of the following problems with Excel. Please use formulas in excel to solve.

(a) Assume monthly car payments of $500 per month for 4 years and an interest rate of 0.75% per month.

What initial principal will this repay?

(b) Assume annual car payments of $6000 for 4 years and an interest rate of 9% per year.

What initial principal will this repay?

(c) Assume monthly car payments of $500 per month for 4 years and an interest rate of 7% per year.

- What initial principal will this repay?

- Prepare a loan payment schedule showing the payments and interest for the life of the loan.

Reference no: EM132745031

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