Convertible muscle car

(Core concepts: Time value of money, amortization table, annuities, present value, payments)
Choose a dream car of yours (anything else expensive) that costs you from $50,000 to $300,000. Suppose,
you decide to buy it and get it financed and make monthly payments.
What did you choose? Your budget is $3,000 for monthly payments, and you can get financing at 11% APR.
With the help of an amortization table, show approximately how long will it take you to pay the loan back? The
monthly payment must be close to your budget (if not the exact amount). Work with Excel. Copy and paste the
first four months and last two months of the table to the text field cleanly. Create borders on the table in Excel
for better visibility. How much interest would you end up paying?

Sample Solution

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