Excel

apply your Bign and implement a solution Lab 1: Reaching Monthly Budget Goals Note: To complete this assignment, you will be required to use the Data Files. Please contact your instructor for information about accessing the Data Files. Problem: You want to select the best payback options for a car loan you will be getting. You have created a data table to examine the effects of interest rates from 3.5% to 6.5% for a loan. You want interest rate of 5.9% using different monthly payment goals. Interest Rate Schedule Car Loan Payment Calculator Las Oy Total Interest 32.151.80 1.407.94 0.48 21.000.00 90 Loan terest rate Month Monthly Totalter ad Monthly Payment Total Cost $515.66 $24.751.40 91.80 23.00744 496.14 23.843.40 501.00 24.08013 50664 24.118.99 11.64 24,358.14 24.000 19 25.00.99 $2,10 Interest 3.50 4.00% 40% 5.00% 5.50% 6.OON 6.50 Aalacaleendi 10 2.11.93 2.558,61 2.800,19 3.642.99 51667 521.73 Figure 9-82 Perform the following tasks: 1. Open the workbook Lab 9-1 Car Loan from the Data Files and then save the workbook as Lab 9-1 Car Loan Complete (Figure 9-82). 2. Enter a loan amount of 22,000 (cell G4), interest rate of 5.9% (cell G5), and months of 48 (cell GO) in the payment calculator portion of the workbook. in the Labs continued 3. Enter the Monthly Payment, Months, and Total Interest Paid values from the Car Loan Payment Calculator in the Original loan terms row of the Loan Payoff Options table found in the range 14:L9. 4. Select cell G7. Use Goal Seek (Data tab i Forecast group) to determine how many months you will need to pay off the loan if you pay $450.00 per month by setting cell G7 to the value 450 and changing cell G6. Update the Loan Payoff Options table with the results of this Goal Seek. 5. Use Goal Seek to determine how many months you would need to pay off the loan if you pay $350.00 per month. Update the Loan Payoff Options table with the results of this Goal Seek. 6. Reduce the loan term to 42 months and record the monthly payment and total interest paid in the Loan Payoff Options table. 7. If requested by your instructor, enter your name in cell 12. 8. Save the workbook. Submit the revised workbook as specified by your instructor. 9. Use Goal Seek to determine the Monthly Payment and Months for the final option in the Loan Payoff Options table, reducing the total interest paid to $2500. Which variable did you choose to change? What other variable could you change to reach a total interest of $2,500