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

• 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.

Amortization Schedule \begin{tabular}{|c|c|c|c|c|} \hline & Equal & & & \\ \hline & Monthly & Interest & Principal & Outstanding \\ \hline Month & Payment & Payment & Repayment & Balance \\ \hline \multicolumn{5}{|l|}{0} \\ \hline \multicolumn{5}{|l|}{1} \\ \hline \multicolumn{5}{|l|}{2} \\ \hline \multicolumn{5}{|l|}{3} \\ \hline \multicolumn{5}{|l|}{4} \\ \hline \multicolumn{5}{|l|}{5} \\ \hline \multicolumn{5}{|l|}{6} \\ \hline \multicolumn{5}{|l|}{7} \\ \hline \multicolumn{5}{|l|}{8} \\ \hline \multicolumn{5}{|l|}{9} \\ \hline \multicolumn{5}{|l|}{10} \\ \hline \multicolumn{5}{|l|}{11} \\ \hline \multicolumn{5}{|l|}{12} \\ \hline \multicolumn{5}{|l|}{13} \\ \hline \multicolumn{5}{|l|}{14} \\ \hline \multicolumn{5}{|l|}{15} \\ \hline \multicolumn{5}{|l|}{16} \\ \hline \multicolumn{5}{|l|}{17} \\ \hline \multicolumn{5}{|l|}{18} \\ \hline \multicolumn{5}{|l|}{19} \\ \hline \multicolumn{5}{|l|}{20} \\ \hline 21 & & & & \\ \hline \end{tabular} Amortization Schedule