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How to find the DOWN PAYMENT on a car to make a $1000 MONTHLY payment using EXCEL SOLVER?
"You will use Solver to determine what amount you will need for a down payment in order to obtain a monthly payment of $1000.00 for the number of months that you have decided to finance your car."
So here are the values I picked based on the table given:
Cost of car: $80,000
Down payment: ?
Interest Rate: 0.05/12 (monthly rate)
Number of payments: 60 (5 years)
Monthly payment: Goal = $1000.
How do I use solver to find this? I tried putting in some values and it gives me a $132K number that just does not make sense because you cannot put a down payment greater than the price of the car lol.
3 Answers
- Gatsby216Lv 74 years ago
In column A, random rows.
4 - .05
5 - 12
8 - row 4/5
10 - 60
13- 1
15 - PMT formula. choose the right cells.
16- 15+8
17 - what if scenario. set 16 to zero by changing....
you can figure that part out.
- ugiidriverLv 74 years ago
You are financing 51,954, your down needs to be 28,046
If this is just an exercise in using Excel, sorry.