Suppose you want to purchase a 2022 Ford Mustang Mach-E from a local Ford dealer. Its out-the-door price is $55,000. You plan to finance the car with a 5-year loan. The loans annual interest rate is 5.99%, and it requires a down payment of $18,000 (made today) and additional 60 equal monthly payments. The first monthly payment is scheduled in a month.

First, compute the equal monthly payment using excel. Next set up the amortization schedule that shows the monthly payments, interest payments, principal repayments, and beginning and ending loan balances from months 1 to 60.