Recently you purchased a nice car for $52,000 on January 1, 20x1. The dealer asked you to pay $2000 down and offered you financing for the remaining. The condition of the financing was as follows: 1. Total period was 7 years. 2. Interest rate is 4.9% 3. Your payment should be at the end of each month. Required to calculate your monthly payments using the appropriate time value of money formula provided for you below. Do not use any other method such as Excel present value function as it would has zero value for this project. You must prepare the following schedule in Excel and fill in the numbers. Make sure DO NOT type the numbers and rather transfer the cells. # of Period in years # of period in months Interest rate per year Interest rate per month Principle of the loan Annuity (monthly payment) Schedule of Loan Amortization 222221 ? ? ? Please Note: again, for calculation of the Annuity, you must use the appropriate Time Value of Money Formula provided below: Time Value of Money Formulas: Future Value of a single sum >> FV=PV (1+i) Present Value of a single sum >> PV=FV (1+i)- Future Value of an ordinary annuity >> Present Value of an ordinary annuity >> Present Value of an annuity due >> Present Value of perpetual Annuity >> Fundamental Variables i-Interest rate per period (month) n-Number of time periods (months) FV-Future value PV - Present value A-Annuity (mortgage) FVA (((1+i) -1)/i) PV, A((1-(1/(1+i)))/i)) PVA (1+((1-1/(1+i)~)/i)) PVP. = A/i Schedule of Mortgage payments Period 1/1/X1 1/30/X1 Payments ----- Interest Principle ---- Balance $50,000 Total ? ? ? ? Answer the following Questions: 1. Your total payment including $2,000 down payments: 2. Your total payment excluding down paymens: 3. Your total interest expense for the first year: 4. Your total interest Expense over 7-year period: 5. Total cost of the car that you purchased: