Loan Amount $22,000

Interest Rate 5.9%

Months(Loan Term) 48

Monthly Payment $515.66

Total Interest $2,751.80

1> Use Goal Seeker to find if Monthly payment = $450, change the value of the month, how much will it be for Total Interest?

2>Reduce the loan term to 42 months and record the monthly payment and total interest paid?

3>Use Goal Seek to determine how many months you would need to pay off the loan if you pay $350.00 per month. Update the Loan Payoff Options table with the results of this Goal Seek

4> Use Goal Seek to determine the Monthly Payment and Months for the final option in the Loan Payoff Options table, reducing the total interest paid to $2500. Which variable did you choose to change? What other variable could you change to reach a total interest of $2,500?

Thank you