Julie wants to buy a new car for $30,000. She plans to finance the car at an 8% annual rate of interest to be repaid over three years, Julie has been saving her money and can make a $7,500 down payment today. Because she gets an end-of-the-year bonus each year from her job the loan will be amortized into three equal, annual, end-of-year payments. Required: Prepare a loan amortization schedule for Julie. Year Beginning Balance of Principal Loan Payments Interest Payments Repayment of Principal Remaining Balance Cumulative Interest Paid Required: Based upon your amortization schedule, how much money will Julie repay the bank for the loan? Required: What would happen to Julie's annual end-of-year payments if the number of years to repay the loan increased? Required: What would happen to Julie's annual end-of-year payments if the interest rate on the car loan decreased? Required: What would happen to Julie's cumulative interest paid if the number of years to repay the loan increased