1. Think of something you want or need now for which you currently do not have the funds. It could be a vehicle, boat, jewelry, property, or something else. Pick something that costs somewhere between $5000 and $40,000. 2. Choose your APR: Assume you will find a financial institution which promises to lend you the money at a certain APR. For the purpose of this project select an APR somewhere between 5.0% and 9.0%. Also assume that you want to repay the loan in 6 years. 3. Find your monthly payment. 4. Make an amortization table showing payments over the first 12 months. 5. Payment number Payment Applied to interest Applied to balance owed Outstanding balance 1 2 : : : 11 12 6. What is your equity after one year of payments? 7. Suppose that you want to repay the loan earlier, so you decided, in addition to the monthly payment, in part 3 above, you want to contribute an extra $100 each month. How long will it take for you to repay the loan?