New car. You have selected your dream car. Its retail price is $45,000 and down payment is 15% or $6,750. The dealer has four loan packages for you to choose from: Plan A, no price rebate, 2% per year rate; Plan B, $1,500 price rebate, 4% per year rate; Plan C, $3,000 price rebate, 6% per year rate; and Plan D, $4,500 price rebate, 8% per year rate. The loan amount is not changed by the price rebate. Loan duration is 4 years and repayments are to be made monthly.
a. Construct a spreadsheet model for the loan packages, showing their monthly payment amounts.
Solved by D. U. in 22 mins