Solve all of the following problems with MS Excel. Please show formulas.

(1)

(a) Assume monthly car payments of $500 per month for 4 years and an interest rate of 0.75% per month. What initial principal will this repay?

(b) Assume annual car payments of $6000 for 4 years and an interest rate of 9% per year. What initial principal will this repay?

(c) Assume monthly car payments of $500 per month for 4 years and an interest rate of 9% per year. What initial principal will this repay?

(2)

(a) A 30-year mortgage for $95,000 is issued at a 6% nominal interest rate. What is the monthly payment?

(b) How long does it take to pay off the mortgage, if $1000 per month is paid?

(c) What is the monthly payment, if the interest rate is 0.5% per month?