You are considering purchasing a car with a sticker price of $36,270 (nonnegotiable with no down...

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Finance

You are considering purchasing a car with a sticker price of$36,270 (nonnegotiable with no down payment required). You wish tomake monthly payments for six years and the most you can afford topay is $600 a month. Your local bank/credit union has agreed toloan you the money at a 4.39% annual interest rate. Create anamortization table reporting the beginning/ending loan balance,total payment, and portion of payment going to interest andprincipal. Create a IF statement that answers the question ofwhether you can afford the loan. What is your monthly loan paymentand what is your total interest paid on the loan?

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Calculation of monthly loan payment We can use the present value of annuity formula to calculate the monthly loan payment Present Value of annuity P x 1 1rnr Present Value of annuity loan amount 36270 P monthly loan payment r rate of interest per month 439 12 0003658 n number of monthly loan payments 6 years x 12 72 36270 P x 1 10003658720003658 36270 P x See Answer

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You are considering purchasing a car with a sticker price of$36,270 (nonnegotiable with no down payment required). You wish tomake monthly payments for six years and the most you can afford topay is $600 a month. Your local bank/credit union has agreed toloan you the money at a 4.39% annual interest rate. Create anamortization table reporting the beginning/ending loan balance,total payment, and portion of payment going to interest andprincipal. Create a IF statement that answers the question ofwhether you can afford the loan. What is your monthly loan paymentand what is your total interest paid on the loan?