the amount of each payment. Q5: For example: You want to purchase a car that costs $51,335. You are able to make a cash down payment of $5,200. This makes your total loan amount for the car to be $46,135. The annual interest rate for the car loan is 3.25% for a total of 60 monthly payments. At the end of these payments the car loan will be completely pay off (remain loan amount due would be so). What would be the amount of your monthly payment? Assume that the payment is made at the end of each month. Include the equation you used to calculate your answer. Use the =PMT Excel function to solve this problem. You can use Excel's help menu to get an explanation and example of the =PMT function. Also, the Function Wizard is available to help you enter the correct numbers