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Tim Smith is shopping for a used luxury car. He has found one priced as $40,000....

Tim Smith is shopping for a used luxury car. He has found one priced as $40,000. The dealer has told Tim that if he can come up with a down payment of ​$7,500​, the dealer will finance the balance of the price at a 55​% annual rate over 5years ​(60 ​months).  ​(Hint: Use four decimal places for the monthly interest rate in all your​ calculations.) a.  Assuming that Tim accepts the​ dealer's offer, what will his monthly​ (end-of-month) payment amount​ be? b.  Use a financial calculator or spreadsheet to help you figure out what​ Tim's monthly payment would be if the dealer were willing to finance the balance of the car price at an annual rate of 3.3​%?

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FIRST QUESTION SOLVED WITH EQUATION AND SECOND WITH EXCEL AS ASKED. YOU NEED SOME CHANGE, LET ME KNOW. THANK YOU

jeff jeffy answered 1 month ago
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