1)You plan to deposit $100 in a savings account at the end of each month for the next 10 years. How much will you have in 10 years, assuming a 2% annual interest rate.
2)You wish to purchase a car that costs $22,000 today. You will put $2,000 down and borrow the remaining $20,000. The interest will be 2.00% and you will make monthly payments (end of month) over 5 years. What will your monthly payment be?
I need help figuring out the functions for these. I got currently =FV(0.02/12,10*12,-100) for the first one and for the second one =PMT(0.02/12,12*5,-20000).
Please refer to below spreadsheet for calculation and answer. Cell reference also provided.
Cell reference -
Hope this will help, please do comment if you need any further explanation. Your feedback would be highly appreciated.
1)You plan to deposit $100 in a savings account at the end of each month for...
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