Which what-if analysis tool is best suited to determine the exact interest rate required for a $600 car payment repaid over five years?
A)Solver
B)Goal Seek
C)Scenario Manager
D)One-variable data table

Question

Quizplus · Accepted Answer

Goal Seek is the best tool suited for determining the exact interest rate required for a specific car payment amount and duration. The user can set the payment amount as the goal and vary the interest rate until the goal is reached. It allows the user to work backward from the desired result to find the necessary input value. Solver, scenario manager, and one-variable data table are not applicable for this specific scenario.

Which What-If Analysis Tool Is Best Suited to Determine the Exact