Problem 5-14 Suppose Capital One is advertising a 60-month, 5.99% APR motorcycle loan. If you need to borrow $8,000 to purchase your dream Harley-Davidson, what will your monthly payment be? Complete the steps below using cell references to given data or previous calculations. In some cases, a simple cell reference is all you need. To copy/paste a formula across a row or down a column, an absolute cell reference or a mixed cell reference may be preferred. If a specific Excel function is to be used, the directions will specify the use of that function. Do not type in numerical data into a cell or function. Instead, make a reference to the cell in which the data is found. Make your computations only in the blue cells highlighted below. In all cases, unless otherwise directed, use the earliest appearance of the data in your formulas, usually the Given Data section. APR Number of periods 5.99% 60 Periods per year 12 Loan $ 8,000 Monthly interest rate Monthly payment Requirements 1 In cell D11, by using cell references, calculate the monthly interest rate (1 pt.). 2 In cell D12, by using cell references, calculate the monthly payment of the loan (1 pt.). Note: The output of the expression or function you typed in this cell is expected as a positive number.
Problem 5-14 Suppose Capital One is advertising a 60-month, 5.99% APR motorcycle loan. If you need to borrow $8,000 to purchase your dream Harley-Davidson, what will your monthly payment be? Complete the steps below using cell references to given data or previous calculations. In some cases, a simple cell reference is all you need. To copy/paste a formula across a row or down a column, an absolute cell reference or a mixed cell reference may be preferred. If a specific Excel function is to be used, the directions will specify the use of that function. Do not type in numerical data into a cell or function. Instead, make a reference to the cell in which the data is found. Make your computations only in the blue cells highlighted below. In all cases, unless otherwise directed, use the earliest appearance of the data in your formulas, usually the Given Data section. APR Number of periods 5.99% 60 Periods per year 12 Loan $ 8,000 Monthly interest rate Monthly payment Requirements 1 In cell D11, by using cell references, calculate the monthly interest rate (1 pt.). 2 In cell D12, by using cell references, calculate the monthly payment of the loan (1 pt.). Note: The output of the expression or function you typed in this cell is expected as a positive number.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Problem 5-14
Suppose Capital One is advertising a 60-month, 5.99% APR motorcycle loan. If you need to borrow
$8,000 to purchase your dream Harley-Davidson, what will your monthly payment be?
Complete the steps below using cell references to given data or previous calculations. In some cases, a
simple cell reference is all you need. To copy/paste a formula across a row or down a column, an absolute
cell reference or a mixed cell reference may be preferred. If a specific Excel function is to be used, the
directions will specify the use of that function. Do not type in numerical data into a cell or function.
Instead, make a reference to the cell in which the data is found. Make your computations only in the blue
cells highlighted below. In all cases, unless otherwise directed, use the earliest appearance of the data in
your formulas, usually the Given Data section.
APR
Number of periods
5.99%
60
Periods per year
12
Loan
$
8,000
Monthly interest rate
Monthly payment
Requirements
1 In cell D11, by using cell references, calculate the monthly interest rate (1 pt.).
2
In cell D12, by using cell references, calculate the monthly payment of the loan (1 pt.). Note: The
output of the expression or function you typed in this cell is expected as a positive number.
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