Thank you for your help,
I need your help with one more problem
Bob has $5,200 in his account with interest rate 6.84% and he can save $390 each month in 4 years for replacing his old car.
1/ If the price of the old car is $4,680, can he buy the new car with the price of $26,410?
2/ If the loan does not suffice, how can he do
I use excel and calculate that he only has $14,630.42, which won't be enough for the new car. But I don't know which formula to use.
For number 2/ because the loan does no suffice, he can increase the payment to $519.014/month, or find another with bank with 50% interest rate !?, or invest in 5.2 years. I use Goal Seek function on this one.
Please check both answer and help me on question 1.
I need your help with one more problem
Bob has $5,200 in his account with interest rate 6.84% and he can save $390 each month in 4 years for replacing his old car.
1/ If the price of the old car is $4,680, can he buy the new car with the price of $26,410?
2/ If the loan does not suffice, how can he do
I use excel and calculate that he only has $14,630.42, which won't be enough for the new car. But I don't know which formula to use.
For number 2/ because the loan does no suffice, he can increase the payment to $519.014/month, or find another with bank with 50% interest rate !?, or invest in 5.2 years. I use Goal Seek function on this one.
Please check both answer and help me on question 1.
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