My dream car costs $15,000
A) Calculate the monthly payments on your dream car if the
annual...
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My dream car costs $15,000
A) Calculate the monthly payments on your dream car if theannual interest rate is 4%, and the term of the loan is 5years.
B) Calculate how much you would have to save every month topurchase your dream car in 5 years if your savings account pays 7%APR. Due to inflation, the cost of the car will increase by .5% peryear over the next 5 years. (i.e. calculate the new 'F' valuebefore the monthly payments A).
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Please refer to below spreadsheet for calculation and answerCell reference also
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