Amortized loan. Suppose you want to purchase a 2024 Ford Mustang Mach-E from a local Ford dealer. Its out-the-door price is $55,000. You plan to finance the car with a 5-year loan. The loans annual interest rate is 7.99%, and it requires a down payment of $18,000 (made today) and additional 60 equal monthly payments. The first monthly payment is scheduled in a month. PLEASE USE EXCEL FORMULA TO SOLVE THE QUESTION and SHOW EXACT EXCEL FORMULAS TO INDICATE HOW YOU GOT TO THE NUMBERS.

• First, compute the equal monthly payment using your financial calculator. Show the setup of your calculator in the corresponding area of see image below for of the excel spreadsheet.
• Set up the amortization schedule that shows the monthly payments, interest payments, principal repayments, and beginning and ending loan balances from months 1 to 60 in the corresponding area of the image Excel spreadsheet.

\begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Amortization Schedule } \\ \hline & Equal & & & \\ \hline & Monthly & Interest & Principal & Outstanding \\ \hline Month & Payment & Payment & Repayment & Balance \\ \hline 0 & & & & 37000 \\ \hline 1 & ($750.05) & 246.36 & & \\ \hline 2 & ($750.05) & & & \\ \hline 3 & ($750.05) & & & \\ \hline 4 & ($750.05) & & & \\ \hline 5 & ($750.05) & & & \\ \hline 6 & ($750.05) & & & \\ \hline 7 & ($750.05) & & & \\ \hline 8 & ($750.05) & & & \\ \hline 9 & ($750.05) & & & \\ \hline 10 & ($750.05) & & & \\ \hline 11 & ($750.05) & & & \\ \hline 12 & ($750.05) & & & \\ \hline 13 & ($750.05) & & & \\ \hline 14 & ($750.05) & & & \\ \hline 15 & ($750.05) & & & \\ \hline 16 & ($750.05) & & & \\ \hline 17 & ($750.05) & & & \\ \hline 18 & ($750.05) & & & \\ \hline 19 & ($750.05) & & & \\ \hline 20 & ($750.05) & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{|l|}{\begin{tabular}{c} Financial Calculator \\ Setup \end{tabular}} \\ \hline N= & 60 \\ \hline I/Y= & 0.006658 \\ \hlinePV= & 37000 \\ \hline FV= & 0 \\ \hline CPT PMT = & 750.05 \\ \hline \multicolumn{2}{|l|}{ Calculation of Payment \& Amortization Table } \\ \hline Car Price & 55000 \\ \hline Down Payment & 18000 \\ \hline Loan & 37000 \\ \hline Interest Rate & 7.99% \\ \hline Frequency & 12 \\ \hline Years & 5 \\ \hline Payment & (\$750.05) \\ \hline \end{tabular}