Question

Work problem 2a and 2b with your calculator, using the algebra equations if possible (show work), and using the finance = function available in your spreadsheet Show what Algebraic Formula you use. Submit a screenshot of this sheet filled out with the algebraic calculations, and submit your excel spreadsheet.

2 a.      Suppose you owe a credit card company $9,500 and you can afford to pay $270 per month. The card charges you 16% per year. How long will it take to pay off the credit card?

            Show work:                                                     Spreadsheet Answer________

2 b.      A machinery dealer will allow you to pay off your $96,000 machinery loan in 5 equal yearly payments (end of the year) of $23,300 each. What interest rate are they charging?

No algebraic solution                                      Spreadsheet Answer________

Answer 1