In cell E7, add a formula that calculates the monthly payment amount assuming that the payment is due at the beginning of the month.Subtract the “Downpayment” amount from the principle.(Use the PMT Function as Formula in Excel) E7A12345 Sales Tax6Total78<***BX✓ fxCDNorth Wind Electric CarsPayment CalculatorSale Price $49,995.006.50%$53,244.68Annual Interest RateDownpaymentYears until Pay OffPayment AmountE5%50005F

Information Provided: Principal Amount (Sales price inclusive of taxes) = $53,244.68 Annual…

In cell E7, add a formula that calculates the monthly payment amount assuming that the payment is due at the beginning of the month. Subtract the “Downpayment” amount from the principle. (Use the PMT Function as Formula in Excel)

In cell E7, add a formula that calculates the monthly payment amount assuming that the payment is due at the beginning of the month. Subtract the “Downpayment” amount from the principle. (Use the PMT Function as Formula in Excel)

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter8: Budgets And Bank Reconciliations

Section: Chapter Questions

Problem 3.2C

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A: Formula:

Question

In cell E7, add a formula that calculates the monthly payment amount assuming that the payment is due at the beginning of the month.

Subtract the “Downpayment” amount from the principle.

(Use the PMT Function as Formula in Excel)

E7
A
1
2
3
4
5 Sales Tax
6
Total
7
8
<
***
B
X✓ fx
C
D
North Wind Electric Cars
Payment Calculator
Sale Price $49,995.00
6.50%
$53,244.68
Annual Interest Rate
Downpayment
Years until Pay Off
Payment Amount
E
5%
5000
5
F

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