Introduction: MATH 117 Car Loan Project Due date: Friday May 1, 2020 You are going to buy a car that will need to be financed. You will need to look at different options and decide which will be the best choice for your situation. You will need to find an advertisement for a car that you would like to purchase. You will hand in a report that details your findings. Task: You will use economic concepts, formulas and mathematical calculations in deciding, hypothetically, what car to buy and how to finance the purchase. Process: 1. Find an advertisement for a car that you would like to purchase. For the cars you consider, use the car dealer's website or "Edmunds Car Buying Guide" at http://www.edmunds.com or Kelley Blue Book athttp://www.kbb.com to learn how the advertised prices compare with market prices generally for cars of the same make, year, and model. (This will allow you to determine the final price that you will actually pay.) 2. Once you have found the automobile of your choice and have determined the amount you will be spending on the car, you need to calculate the monthly payments. Calculate the monthly payment for your car for each option below using the monthly payment formula. Create this spreadsheet in Microsoft Excel. Make, Model, Year Loan Amount Loan 1 Interest Rate 8% Length in Years Payment Interest Paid 5 2 1.9% (Dealer Special) 3 3 4 5 with $3,649 due at signing 10.09% 7.5% 23.99% 4 2 4 3. Provide an analytical summary in a Microsoft Word document. Tell what you think your best loan option would be, and justify that conclusion with your work. Also, discuss what situations might make you decide not to take each of the following: The lowest interest rate The smallest monthly payment The shortest time The loan with the lowest cost As part of your written summary, include what you have learned from this project.