2 Compute the amount of the monthly payment on a 5-year, $46,500 car loan with an annual interest rate of 6%. 3 4 Principal 5 Term 1 6 Interest rate 7 Payments per year 8 Term 2 9 10 12 14 Required: 11 a. Compute the amount of each of the monthly car payments assuming the annual interest rate is 6%, and the term of the loan is 5 years. 16 $46,500 13 b. Compute the amount of each of the monthly car payments assuming the annual interest rate is 6%, and the term of the loan is 6 years. 18 5 years 6% 15 c. How much total interest is paid over the life of the car loan assuming the loan term is 5 years? < 12 Question Data 6 years 17 d. How much total interest is paid over the life of the car loan assuming the loan term is 6 years? Workbook Statistics 19 e. How much additional interest is paid as a result of increasing the term of the loan by one year? = Part 1 Part 2 Part 3 Formula must include the PMT function and return a positive value