1. Open the start file EX2016-ChallengeYourself-8-4. The file will be renamed automatically to include your name. Change the project file name if directed to do so by your instructor, and save it. 2. If the workbook opens in Protected View, click the Enable Editing button in the Message Bar at the top of the workbook so you can modify the workbook. 3. You want to purchase a new car. Your current car is worth $3,500 as a trade-in. The base sticker price on the car you want is $24,595. The first financing offer from the dealer is 1.9% APR for 24 months, with no cash back. The original financing offer terms are listed in cells A3:B9 on the Car Loan worksheet. Cell B10 contains a formula with a PMT function to calculate the monthly payment. Use what-if analysis tools to compare financing options. Create scenarios to compare financing options for the car loan. a. Create names for the following cells on the Car Loan worksheet to make the scenarios easier to follow: Name cell B3: Price Name cell B4: TradeIn Name cell B5: CashBack Name cell B6: Loan Name cell B8: Months Name cell B9: APR Name cell B10: Payment Name cell B12: TotalCost Answers must be in the already filled Excel sheet provided

1 2 New Car Loan Loan Inputs 3 Sticker price 24,595 4 Trade in 3,500 5 Cash back offer 6 Loan amount 21,095 7 8 Loan term (months) 24 9 Loan interest (APR) 1.90% 10 Loan payment 896.46 $ $ $ $ TA 11 $21,515.C 12 Total cost of the car 13