Suppose that you are borrowing a $$30,000$ car loan from a local dealer on a three$-$year term and making monthly payments with a $0\mathrm{.}5\%$ monthly interest rate. Please set up a proper Excel spreadsheet to determine your monthly payment amount. The key relationships are that for any month t

$($Month t ending balance$)=$

$($Month t $1$ ending balance$)($Monthly payment$)+($Month t interest$)$

$($Month t starting balance$)=($Month t $1$ ending balance$)$

$($Month t interest$)=($Month t starting balance$)$ x $($Monthly interest rate$)$

Of course, by the end of month $36,$ the balance must equal $0.$ What is your total interest payment? Monthly interest rate $0\mathrm{.}5\%$ Loan amount $30,000$

Monthly payment Total interest

Month Starting Payment Interest Ending

$1$

$2$

$3$

$4$

$5$

$6$

$7$

$8$

$9$

$10$

$11$

$12$

$13$

$14$

$15$

$16$

$17$

$18$

$19$

$20$

$21$

$22$

$23$

$24$

$25$

$26$

$27$

$28$

$29$

$30$

$31$

$32$

$33$

$34$

$35$

$36$