Amanda purchased a car for $28,000. She made an initial down payment of $4,000 and borrowed the rest of the money. She got an annual rate of 1.99% on her car loan, which was payable over a 5-year period. The loan required monthly payments (end of each month).

1. What is the outbalance* for her car loan?

2. Using an excel spreadsheet, calculate Amandas monthly car payment.

3. Prepare an amortization table for this loan. (9 points)

4. How much did Amanda pay in total on the interest component during the 5-year period?