Loan Problem:

You want to buy a car on credit for $45,000 at a rate of 5% for 3 years.

Required:

a)Create amortization table of the car loan that shows the portion of interest and principal of each payment. What is the total amount of interest that you will have paid at the end of the loan term? (Reminder you may need to calculate some additional information to use in your amortization table based on the information above.)

b)Create Stacked Column chart that shows both interest and principal on each column.

Calculate the monthly payment assuming that you were able to trade in your old vehicle for $5,000.

Please complete in Excel.