You are loaning 20,000 with 8.5 % interest for 60 months. In this scenario you need to pay $410 monthly. Use Excel’s PMT function to calculate monthly loan amount. What will your monthly payment be if you have different interest rates and terms (total term of months). Use Excel’s what if data table analysis to check various options with different interest rates and terms. (range your interest rates between 3% to 11% with 0.5 % increments, term as 24 months to 90 months increasing 6 months each time.)

Also add data validation to loan amount. Prepare a list of various loan amounts (15,000 20,000 25,000)

My Car Loan

Loan Amount………………………………20000

Term (months).…………………………………60

Interest Rate…………………………………8.5%

Payment………………………………….($410.00)