Conglatulations! On 1/1/2021, you finally purchased your first-ever car for $30,000 brand new model. You paid $10,000 for the initial down payment to acquire the car, and then the rest $20,000 payment will be on 24-months car loan with 9% annual borrowing rate. The monthly car loan requires 24 equal beginning month payments that start the first payment today on 1/1/2021 and will end the last payment 12/1/2022. As a finance major professional you want to compare your calculation with what the car loan company requires you to pay. Requirement 1. How much is the Monthly Payment at the beginning of every month for $20,000 loan principal balance? rate nper PMT PV (Principal) FV Type Requirement 2. Build the Loan Amortization Schedule to identify how much loan balance will be amortized and how much interest you will have paid. Payment date Equal Payment at Monthly Interest Amortized principal Remaining Loan Number of Payment (Beginning of the the Beginning of Due on Loan amount of Loan (Principal) Balance month) the month Balance 1/1/21 2/1/21 3 3/1/21 4 4/1/21 5/1/21 6/1/21 7 7/1/21 81 8/1/21 91 9/1/21 10 10/1/21 11 11/1/21 12 12/1/21 13 1/1/22 14 2/1/22 15 3/1/22 16 4/1/22 17 5/1/22 18 6/1/22 19 7/1/22 20 8/1/22 21 9/1/22 22 10/1/22 23 11/1/22 24 12/1/22 Total Requirement 3. Try to change the payment condition to the end of month payment. How is the monthly payment different from the beginning payment? Why does the difference occur