Can you help me get started with this assignment?
Question: Your uncle Fred just purchased a new boat. He brags to you about the low 7% interest rate (APR, monthly compounding) he obtained from the dealer. The rate is even lower than the rate he could have obtained on his home equity loan (8% APR, monthly compounding). If his tax rate is 25% and the interest rate on the home equity loan is tax deductible, which loan is truly cheaper? Please show in excel.