Bailey is considering buying a car for $25,000. She will put $1.000 down and get a loan to M27 LOAN PAYMENT SCHEDULE February 15, 2012, and the first loan payment will be due on March 15, 2012. and show a loan amortization schedule for 48 months. Use the following forman Prepare a worksheet bilization schedule for locale a te the amount of the monthly loan o worksheet. (Optional. Also add columns to the right for accumulated interest accumulated debt reduction.) Amount financed $24.000 Monthly payment (calculated) Annual interest rate 8% Duration $585.91 of loan in 48 months Pmt. Payment Date Payment Interest Debt Reduction No 0 1 3/15/12 4/15/12 5/15/12 6/15/12 2 3 4 $585.91 585.91 585.91 etc. $160.00 157.16 154.30 etc. Loan Bala $24,000.0 23,574 23,145 22,713 etc $425.91 428.75 431.61 etc. 48 2/15/16 Use the PMT function to calculate the amount of the monthly payment. errors, the monthly payment calculation and the monthly interest calculat ROUND function to round the payment off to the nearest penny. You ma adjust the last loan payment by a few cents to get a zero loan balance (0.00 eview the Model-Building Problem Checklist on page 154 to ensure th omplete. Print the worksheet on a single page when done. No check figu test your model, assume that Bailey wants to buy a small yacht fo .000 down and borrow the rest with a 48-month loan at 11% annual 2012. Her first loan payment will be due July 25, 2012. Calculate he prepare a loan amortization schedule. Print the worksheet when ance after two payments, $68,620.75