Please use Excel to answer the following TVM questions. You can use this spreadsheet to set up your calculations if you so desire. Unless indicated otherwise, assume that all of the problems are ordinary annuities (payment made at the end of the period). |
Part 3 | I am going to buy a car. I will finance the whole purchase (no down payment) with a new car loan that has a 6-year term. My monthly payments will be $392/mth and the annual interest rate on the car loan is 6.5%. How much am I buying the car for? | ||||||||
Present Value (PV) = | |||||||||
Future Value (FV) = | |||||||||
Payment (PMT) = | |||||||||
Payments or periods per yr (P/YR) = | |||||||||
Annual Interest Rate (RATE) = | |||||||||
Number of periods (NPER) = |
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