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Show work (excel if possible but show formulas you used in excel): If I buy a new...

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Finance

Show work (excel if possible but show formulas you used inexcel):

If I buy a new car and pay $399 a month for 5 years and themaintenance costs are $50 the first year and increase by $200 ayear for each year after that, how much money would I have tobarrow today at a nominal interest rate of 9% to cover my monthlypayment and my yearly maintenance bill?

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4.3 Ratings (566 Votes)
Amount to be borrowed today Present value of monthlypayments Present value of yearly maintenance costsFinding present value of monthly payments discounted atmonthly rateMonthly payment 399 No of payments or months 12 x No ofyears 12 x 5 60 Nominal interest rate 9Monthly rate    See Answer
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