Exercise #6 Goal Seek For this part of the lab you will use EXCELs Goal Seek tool to determine how much of a down payment you need to make in order to keep your monthly car loan payment under $500.

Create a simple table that assumes the following: Cost of the car: $40,000 Annual Interest rate: 6% Payment schedule: monthly Length of loan (in years): 5 Down payment: $5,000.

Your table should have a field for a down payment and should adjust the principal of the loan accordingly with the size of the down payment. Finally your table should have a field that calculates the monthly loan payment. Once you have your table created, use goal seek to determine how much of a down payment is needed to keep the loan payment under $500 (be sure to designate the To Value in Goal Seek as -500!).