Jill wants to buy a car but needs to calculate how much she can afford to borrow, The maximum she ca

Jill wants to buy a car but needs to calculate how much she can afford to borrow, The maximum she can repay each month-end is $490 per month and the bank has indicated it will charge a fixed 8.0 % p.a compounding monthly. If she takes a loan for 5 years how much can she afford to borrow? (Do not use the $ sign or commas; include cents e.g 24500.09) Answer Loan Details Monthly (End-of-month) Payment (PMT) Monthly interest rate (RATE) Months to Pay Off Loan (NPER) Amount of Loan from Bank (PV) $680.66 1.15% 48 $25,000.00 Recreate the above table in your own version of excel. The borrower wants to repay the loan in 82 months. What will be the new monthly repayment? (answer to exclude $ sign and to include cents eg 680.66) Answer:

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