A machine worth $180,000 dollars (19.8535) cash is sold in installments, with a down payment of $5,000 dollars and the balance in a year and a half with monthly payments, charging 12¼ % interest in peso credits, a) find the value of each of the monthly payments in pesos b) find the total amount paid. c) find the total amount of interest paid. d) find the effective rate.
3.
PLEASE, PERFORM THE EXERCISE IN EXCEL AND SHOW THE FORMULAS
A machine worth $180,000 dollars (19.8535) cash is sold in installments, with a down payment of $5,000 dollars and the balance in a year and a half with monthly payments, charging 12¼ % interest in peso credits,
a) find the value of each of the monthly payments in pesos
b) find the total amount paid.
c) find the total amount of interest paid.
d) find the effective rate.
Note:
In the image, this is the original exercise, it is in Spanish, but it is easy to understand.
Very important Note:
It is necessary that you make a solution approach and then the result. Above all, to check the procedure and/or the formulas used, especially when you use excel.
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