This is an excel question as I am still learning how to use it. Can anyone show me steps by steps on how to do the calculation using it?

29 Excel Solution for Monthly Payments: 30 31 32 33 34 35 Note:Interest Rate is formatted in percent by clicking on % menu button Loan Amount Annual Interest Rate Term of Loan in Years Monthly Interest Rate Term of Loan in Months -30000 6% S 36 37 38 39 40 Enter monthly Interest Rate: = E35/12 Enter nper in months: E36 +12 We need the interest rate to agree with the number of periods 41 42 43 44 45 46 47 48 49 Solutions: Monthly Payment Annual Amount Paid Total Amount Paid Interest Paid Over Term of Loan In cell E42 enter: =PMT(E37,E38,E34), or use PMT Wizard In cell E43 enter: = E42 * 12 In cell E 44 enter: = E43 * E36 In cell E45 enter: -E44+E34 (a (+) sign b/c E34 is negative) formula for PMT with the inputs (interest term, principal). Check numbers: Total Amt paid = $23,199 Test Your Skills: 50 51 What is the monthly payment if you buy a $20,000 car, holding time and rate constant? 52