Saturday
April 19, 2014

Homework Help: Financial Math

Posted by John on Monday, April 9, 2012 at 2:01am.

Suppose that you decide to lease a car. At the end of the 48-month lease period, you need to make a lump-sum payment of $5000 if you want to keep the car. You decide to save up, just in case you decide to keep the car; if you donít keep this car, you will still have saved a good down payment on a new car. You feel comfortable with saving $70/month (over and above your lease payments). How high an annual nominal interest rate on savings do you need to accumulate $5000 in 48 months, with interest compounded monthly?

How would I do this in Excel 2007? Is there a specific function I can use?

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

accounting - On January 2, 2006, Grant Corporation leases an asset to Pippin ...
ACC 400 - Case 13-4 Application of SFAC No. 13 On January 1, 2006, Lani Company ...
Corporate Fiance - Given an annual lease payment of $438,020 find the rate of ...
Accounting - Case 13-5 Lease Classifications Doherty Company leased equipment ...
accounting - Can someone check my answers. A car dealership gives customers the ...
Finance - I need help with this finance homework question PLEASE! Any help ...
Math - if company 2 lease/maintenance totals $125,000 for the year and company 1...
English - The best way to buy a car How much you're willing to spend on it ...
Math - Big Sky Mining Company must install $1.5 million of new machinery in its...
accounting - ● Case 13-4 Application of SFAC No. 13 On January 1, 2006, ...

Search
Members