In our readings, we studied Craig's decision to buy a car. Craig knows the following two Excel commands that he used during the Quantitative Reasoning Process:PMT(rate, nper, PV, FV)FV(rate, nper, pmt, PV)In step3 of the Quantitative Reasoning Process, quantitative tools, Craig used the following command in Excel:=PMT(0.04/12, 7*12, -5000, 0)The Excel output for this command was $68.34. Which of the following best describes what this output represents?Group of answer choicesIf Craig saves $405.85 per year in an account paying 0.04% interest he will be able to buy a $5000 car in 84 years.The monthly payment on a car loan of $5000, with an interest rate of 0.33% for 7 years, will be $68.34 times 12 (or $820.08 per month).If Craig saves $68.34 per month in an account paying 4% interest he will be able to buy a $5000 car in 7 years.The monthly payment on a car loan of $5000, with an interest rate of 0.04% for 84 months, will be $68.34.The monthly payment on a car loan of $5000 with an interest rate of 4% for 7 years will be $68.

Nari knows the following two commands in Excel:PMT(rate, nper, PV, FV)FV(rate, nper, pmt, PV)Nari is using the Quantitative Reasoning Process to make a plan to save money for her first car. She has 6500 Yuan saved so far and plans to save 180 Yuan per month for the next 3 years. If she can save with an annual interest rate of 1.7%, which of the following commands will give Ingrid the final balance after 3 years?Group of answer choices=PMT(1.7/12,3*12,-6500,-180)=FV(1.7,3,-6500,0)=FV(0.017/12,3*12,-180,0)=FV(0.017/12,3*12,-180,-6500)=PMT(0.017/12,3,-6500,-180)

We know the following two commands in Excel:PMT(rate, nper, PV, FV)FV(rate, nper, pmt, PV)Which of the following Excel commands gives the monthly payment on a house that cost $315,000 with a down payment of $28,725. The loan was a conventional 30-year loan with an annual interest rate of 5.2%.Group of answer choices=FV(5.2/12,360,-28725,-315000)=FV(0.052/12,30,-315000,-28725)=PMT(0.052/12,30,-315000,-28725)=PMT(0.052/12,360,-286275,0)=PMT(5.2/12,360,0,-286275)

Rene is deciding whether to buy a new car to replace her old car. She pays about $300 to repair her old car every 6 months. She found a new car that costs $4,250. She needs to find her monthly payment if she pays $3,000 initially and uses a 4 year loan with an APR of 4.25% for the rest of the cost of the new car.Rene knows the following two commands in Microsoft Excel:PMT(rate, nper, PV, FV)FV(rate, nper, pmt, PV)Which of the following should Rene use to find her monthly payment?Group of answer choices=FV(0.0425/12,4,4250)=PMT(4.25/12,4,3000)=PMT(0.0425/12,4*12,1250)=PMT(0.0425,4*12,1250)=FV(4.25/12,12,4250)

We know the following two commands in Excel:PMT(rate, nper, PV, FV)FV(rate, nper, pmt, PV)Which of the following Excel commands gives the monthly payment on a business loan originally of 100,000 Peruvian Sols with a down payment of 4500 sols. The loan was a 10-year loan with an annual interest rate of 4.2%.Group of answer choices=FV(4.2/12,120,-4500,-95500)=PMT(4.2/12,120,0,-95500)=PMT(0.042/12,10,-95500,-4500)=PMT(0.042/12,120,-95500,0)=FV(0.042/12,10,-95500,-4500)

Spencer has just turned 15 and decided to save for his mission. He has a part time job and can save $65 a week. He found a savings account with an APR of 0.9%. He wants to know how much he will have when he turns 18.Spencer knows the following two commands in Microsoft Excel:PMT(rate, nper, PV, FV)FV(rate, nper, pmt, PV)If Spencer assumes there are 4 weeks in a month, which of the following commands should Spencer use to find out his account balance when he turns 18?Group of answer choices=FV(0.9/12,3*12,0,65)=FV(0.9/12,18*12,65*4,0)=FV(0.009/12,3*12,65*4,0)=FV(0.009/12,15,0,65*4)=FV(0.009,15*12,65,0)