Monthly Car Payments

Part 1: set up table that calculates the monthly payment on an auto loan for interest rates that vary between 1% and 10% (in increments of 1 %) and for terms that vary from 4 to 8 years.

Part 2: Include a chart showing the values from the table.

Part 3: Set up a place for the user to indicate that interest rate and loan term desired. Based on these choices use a VLOOKUP function to compute the total interest they will pay over the life of the loan.

Check figures: 3 years @ 1% interest: Payment = $846.24, 8 year @ 10% interest: Payment = $455.22; At 8 years years 8% interest: Total interest over life of the loan = $10,713.64

(use Excel)