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Project 2: Car Payments You are purchasing a car, and want to make some calculations about your car payment yourself before approaching a car dealer. You have $5000 to put towards a down payment and estimate that the car will cost $25,000 total leaving a loan of $20,000. The car dealer is offering an annual interest rate of 6% compounded daily. You will take out a loan for 5 years (60 months) and make monthly payments. Problem 1 Complete the following steps to calculate your monthly payment a. Because the compounding period (days) isn't equal to the payment period (months), we will have to calculate an effective monthly interest rate to carry out this calculation in the payment period units. First calculate the actual monthly rate, the interest rate per month: last where m in this case is the number of months in a year. b. Calculate the effective monthly interest rate which will take into account daily compounding while performing calculations on a monthly basis: where m in this case is the number of days in a month. C. Calculate the capital recovery factor (A/P), which converts a principal value into an annuity: (1+) (1 + 1)" - 1 d. Calculate your monthly mortgage payment by multiplying the capital recovery factor by the total amount of the loan. Acm) -0* Problem 2 a. Make an amortization schedule for the loan. An amortization schedule shows a monthly breakdown of your loan, including payments made, how much those payments went towards the principal, how much went towards interest and the remaining balance. This should be in a form of a table: Month Paid Principle Interest Balance 20000.00 0 1 N- The amortization table should result in a balance of at the end of the loan period if you calculated the monthly payment correctly. You might be off by a few cents, but you can add that into the last payment of the loan to make it even. Be sure to round to two decimal places. As you make more payments, more of your money goes towards paying off the principle instead of interest