Excel-figure out a payment
Hi everyone,
Today you will do some research on cars to figure out how much your car payments will be with different APR's.
1. Open up file car payment. (should be on your desktop)
2. Save file as carpayment_yourname
3. Research cars and choose a car for under $10,000, one between $25-35,000, and one over $50,000
4. Enter the year and type of car in column A accordingly.
5. Enter the prices in column B accordingly.
6. In cell C5, you will create a formula using the PMT function. Here is the information you need to know in order to use it.
7. Please search for an auto loan calculator on line to check to see if your payments calculated properly.
8. Figure out how much you pay in interest over the term of your loan for each payment.
You can accomplish this by taking the monthly payment multiplying it by the number of payments that must be made and subtracting that from the original price of the loan.
Today you will do some research on cars to figure out how much your car payments will be with different APR's.
1. Open up file car payment. (should be on your desktop)
2. Save file as carpayment_yourname
4. Enter the year and type of car in column A accordingly.
5. Enter the prices in column B accordingly.
6. In cell C5, you will create a formula using the PMT function. Here is the information you need to know in order to use it.
7. Please search for an auto loan calculator on line to check to see if your payments calculated properly.
8. Figure out how much you pay in interest over the term of your loan for each payment.
You can accomplish this by taking the monthly payment multiplying it by the number of payments that must be made and subtracting that from the original price of the loan.
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