Homework: Major Purchases
Instructions:
Using MS Excel, create an amortization schedule for a car loan. Open MS Excel and select New, in the templates search for "car loan" and then choose loan amortization schedule from the options presented (see attached video). Fill out the form with data from a car purchase you may have been thinking about recently. Answer the following Six questions in some detail at the bottom of the same Excel file (see below). Make sure you complete the Amortization schedule to completely pay off your vehicle. Finally, on the last page of your excel file, answer the following in some detail:
a. What is your payment per month?
b. What is your total paid in interest for the term of the loan?
c. How long is the term for your loan? Why did you choose this term length?
d. What interest rate did you use AND how did you obtain a legitimate interest rate
e. What did you learn from this exercise about incurring a debt to purchase this vehicle?
f. Is this car affordable in your budget at this time?
Format your homework according to the give formatting requirements:
a. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
b. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
c. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.