Tobi just purchased his dream car with financing from his bank. The amount of the loan is $40000 to be repaid over 48 months. The interest rate on this loan is 4%. How much money will he still owe the bank at the end of the second month? (15 pts)

Please work this problem out in excel with detailed explanation and steps! Please show the steps: for example, if you add two cells put C4 + C5 and so on