please show your work and formula on excel You can afford to pay $375 monthly car...

please show your work and formula on excel

You can afford to pay $375 monthly car payments. Assume an annual interest rate of 6%, and assume 60 monthly payments. You can afford to put down $3,000. Can you afford to buy a car that costs $30,000?

Solutions

Expert Solution

As per the Question Car cost will be $30,000,

Down payment $3000,

Balance $27000 to be paid on monthly basis ( $30000-$3000)

Intrest rate was 6% per anam.

No of Months for repayment =60 months.

Ans: After 60 months Repayment Balance Value left for payment will be $10255.19.

As per question he will not be able to buy the car at that cost.

If he wants to buy the car he has to make the payment up to 90 Months.

Formula for working: out of 27000 monthly payment will be $375 out of which intrest portion will be $135 (27000*6%/12), and the balance will be Principle payment. after deducting the Principle (27000-240) = 26760 will be the opening balance for next month on which again intrest will be caliculated. Same formula will repet up to balance principle become "0".

jeff jeffy answered 1 year ago

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Subjects

Latest Questions

Month	Principle	Payment	Intrest @6% Per anam	Priciple Payment	Balance Principle
1	27,000.00	375.00	135.00	240.00	26,760.00
2	26,760.00	375.00	133.80	241.20	26,518.80
3	26,518.80	375.00	132.59	242.41	26,276.39
4	26,276.39	375.00	131.38	243.62	26,032.78
5	26,032.78	375.00	130.16	244.84	25,787.94
6	25,787.94	375.00	128.94	246.06	25,541.88
7	25,541.88	375.00	127.71	247.29	25,294.59
8	25,294.59	375.00	126.47	248.53	25,046.06
9	25,046.06	375.00	125.23	249.77	24,796.29
10	24,796.29	375.00	123.98	251.02	24,545.27
11	24,545.27	375.00	122.73	252.27	24,293.00
12	24,293.00	375.00	121.47	253.53	24,039.47
13	24,039.47	375.00	120.20	254.80	23,784.66
14	23,784.66	375.00	118.92	256.08	23,528.59
15	23,528.59	375.00	117.64	257.36	23,271.23
16	23,271.23	375.00	116.36	258.64	23,012.58
17	23,012.58	375.00	115.06	259.94	22,752.65
18	22,752.65	375.00	113.76	261.24	22,491.41
19	22,491.41	375.00	112.46	262.54	22,228.87
20	22,228.87	375.00	111.14	263.86	21,965.01
21	21,965.01	375.00	109.83	265.17	21,699.84
22	21,699.84	375.00	108.50	266.50	21,433.34
23	21,433.34	375.00	107.17	267.83	21,165.50
24	21,165.50	375.00	105.83	269.17	20,896.33
25	20,896.33	375.00	104.48	270.52	20,625.81
26	20,625.81	375.00	103.13	271.87	20,353.94
27	20,353.94	375.00	101.77	273.23	20,080.71
28	20,080.71	375.00	100.40	274.60	19,806.11
29	19,806.11	375.00	99.03	275.97	19,530.15
30	19,530.15	375.00	97.65	277.35	19,252.80
31	19,252.80	375.00	96.26	278.74	18,974.06
32	18,974.06	375.00	94.87	280.13	18,693.93
33	18,693.93	375.00	93.47	281.53	18,412.40
34	18,412.40	375.00	92.06	282.94	18,129.46
35	18,129.46	375.00	90.65	284.35	17,845.11
36	17,845.11	375.00	89.23	285.77	17,559.33
37	17,559.33	375.00	87.80	287.20	17,272.13
38	17,272.13	375.00	86.36	288.64	16,983.49
39	16,983.49	375.00	84.92	290.08	16,693.41
40	16,693.41	375.00	83.47	291.53	16,401.88
41	16,401.88	375.00	82.01	292.99	16,108.89
42	16,108.89	375.00	80.54	294.46	15,814.43
43	15,814.43	375.00	79.07	295.93	15,518.50
44	15,518.50	375.00	77.59	297.41	15,221.10
45	15,221.10