Using Excel, create a table that can be used to look up monthly paymentson a car loan for a period of five years. The monthly payments are calculated from 601+1200 j1200A= P.60i-11200whereA – monthly payments in dollarsP = the loan in dollarsi = interest rate, e.g., 7, 7.5, .., 9Interest RateLoan77.588.5910,00015,00020,00025,000

Monthly payment amount is given by:

60 1+ 1200 j 1200 A= P. 60 i -1 1200 where A – monthly payments in dollars P = the loan in dollars i = interest rate, e.g., 7, 7.5, .., 9 Interest Rate Loan 7 7.5 8 8.5 9 10,000 15,000 20,000 25,000

60 1+ 1200 j 1200 A= P. 60 i -1 1200 where A – monthly payments in dollars P = the loan in dollars i = interest rate, e.g., 7, 7.5, .., 9 Interest Rate Loan 7 7.5 8 8.5 9 10,000 15,000 20,000 25,000

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)

5th Edition

ISBN:9781305084766

Author:Saeed Moaveni

Publisher:Saeed Moaveni

Chapter20: Engineering Economics

Section: Chapter Questions

Problem 44P

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Question

Using Excel, create a table that can be used to look up monthly payments
on a car loan for a period of five years. The monthly payments are calculated from

60
1+
1200 j
1200
A= P.
60
i
-1
1200
where
A – monthly payments in dollars
P = the loan in dollars
i = interest rate, e.g., 7, 7.5, .., 9
Interest Rate
Loan
7
7.5
8
8.5
9
10,000
15,000
20,000
25,000

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