Jane wants to buy a new car but has decided that by the time she saves $33000 to buy the new car she wants the price of the car will have gone up. She decides to borrow the money and purchase the car today. She would like to pay off her car in four years. The local bank will loan her $33000 at 8.5% APR. Construct a loan amortization for her loan. She wants to know how much the payments will be and what the total cost of the loan is. The dealer has offered to finance her at 1% APR with a monthly payment of $250 for four years. Unfortunately the balance will be due at the end of four years. Construct a loan amortization for this loan. Jane wants to know how much she will owe at the end of the four years.
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Jane wants to buy a new car but has decided that by the time she saves $33000 to buy the new car she wants the price of the car will have gone up. She decides to borrow the money and purchase the car today.
She would like to pay off her car in four years. The local bank will loan her $33000 at 8.5% APR. Construct a loan amortization for her loan. She wants to know how much the payments will be and what the total cost of the loan is.
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The dealer has offered to finance her at 1% APR with a monthly payment of $250 for four years. Unfortunately the balance will be due at the end of four years. Construct a loan amortization for this loan. Jane wants to know how much she will owe at the end of the four years.
You can fit them both on one spreadsheet. Upload your finished spreadsheet.
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