Car Payment Group Project Concept

Loan Amount : 80000 (Cells A3)

Interest Rate: 4.5% (Cells B3)

Years of the loan: 6 years

1. What is the formula to figure out the monthly payment? (Show formula first, then when you hit enter, you should see the monthly payment amount).

2. What is the first pay period's Principle and Interest payment? (Show formula first, then when you hit enter, you should see the Principle and Interests amount).