Hi, can someone please help me solve this, formula would be awesome. Thanks

Car Maker & Model:	Toyota Tacoma 2016
Market price of the car:	$ 29,000
Number of months of loan period:	60	months
Loan Amount (10% more than market price):	25000
Interest Rate (Annual)	6%
Monthly Payment with 5 year schedule	400

60

months

Beginning Balance

Monthly Payment

Interest

Principal

Ending Balance

1

$ 25,000

$ 400

2

3

4

5

6

7

8

9

Q1) How much interest would you result in saving by choosing a 3-year loan versus a 5-year loan?
Q2) How much is the difference in total payments between a 3-year plan and a 5-year loan?

Monthly Payment with 3 year schedule

	Beginning Balance	Monthly Payment	Interest	Principal	Ending Balance
1
2