Chapter 11 - Exercise 03 Kyle Godwin is interested in buying a 24-foot pontoon boat for $11,850....

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Finance

Chapter 11 - Exercise 03
Kyle Godwin is interested in buying a 24-foot pontoon boatfor $11,850. His credit
union’s terms are 10% down, 14% interest, and 24 months to pay offthe loan.
Calculate the amount to be financed, the interest, the amount to berepaid, and
the monthly payment.
Terms of Loan Payment Calculations
PurchasePrice $11,850.00 Amountto be Financed
DownPayment Percent 10% Interest
InterestRate 14% Amountto be Repaid
Term(months) 24 MonthlyPayment
Directions:
a. Enter a formula in Cell D5 to calculate the Amount to beFinanced.
b. Enter a formula in Cell D6 to calculate theInterest.
c. Enter a formula in Cell D7 to calculate the Amount to beRepaid.
d. Enter a formula in Cell D8 to calculate the MonthlyPayment.
e. Format Column D for Currency. Set Decimal places to 2. SetCurrency symbol to $.
f. Save the file as ch11ex03a.xlsx.

Answer & Explanation Solved by verified expert

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Answer AAmount need to be Financed Purchase Price Down Payment See Answer

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Transcribed Image Text

Chapter 11 - Exercise 03Kyle Godwin is interested in buying a 24-foot pontoon boatfor $11,850. His creditunion’s terms are 10% down, 14% interest, and 24 months to pay offthe loan.Calculate the amount to be financed, the interest, the amount to berepaid, andthe monthly payment.Terms of LoanPayment CalculationsPurchasePrice$11,850.00Amountto be FinancedDownPayment Percent10%InterestInterestRate14%Amountto be RepaidTerm(months)24MonthlyPaymentDirections:a. Enter a formula in Cell D5 to calculate the Amount to beFinanced.b. Enter a formula in Cell D6 to calculate theInterest. c. Enter a formula in Cell D7 to calculate the Amount to beRepaid.d. Enter a formula in Cell D8 to calculate the MonthlyPayment.e. Format Column D for Currency. Set Decimal places to 2. SetCurrency symbol to $.f. Save the file as ch11ex03a.xlsx.

Chapter 11 - Exercise 03

Kyle Godwin is interested in buying a 24-foot pontoon boatfor $11,850. His credit union’s terms are 10% down, 14% interest, and 24 months to pay offthe loan. Calculate the amount to be financed, the interest, the amount to berepaid, and the monthly payment.
Terms of Loan		Payment Calculations
PurchasePrice	$11,850.00	Amountto be Financed
DownPayment Percent	10%	Interest
InterestRate	14%	Amountto be Repaid
Term(months)	24	MonthlyPayment

Directions:
a. Enter a formula in Cell D5 to calculate the Amount to beFinanced.
b. Enter a formula in Cell D6 to calculate theInterest.
c. Enter a formula in Cell D7 to calculate the Amount to beRepaid.
d. Enter a formula in Cell D8 to calculate the MonthlyPayment.
e. Format Column D for Currency. Set Decimal places to 2. SetCurrency symbol to $.
f. Save the file as *ch11ex03a.xlsx.*