Total The time has come for you to purchase a car. After years of saving, you are ready to find the car of your dreams. You have a down payment and now wish to develop an amortization schedule so you can plan your payments. You hope to borrow no more than $40,000. Interest rates are low, but may soon be rising. Because you are not sure how long it will take to find the right car, you wish to examine several different payment plans. You hope to pay off the loan in 5 years.

Part 1. Write formulas for green shaded cells to calculate Monthly Payment, Total Loan Payment, and Total Interest Payment." Car Loan Calculator Car Price $46,000 Down Payment $10,000 Interest Rate 4.00% Term of Loan (Years) 5.0 Monthly Payment Total Loan Payment Total Interest Payment

Part 2. If we pay $1000 per month to repay the loan, how many years are needed to pay off the loan?" Answer in months ----->

Part 3.Create a two-way table to show the impacts of varying interest rates (from 4.00% to 6.00% with increments of 0.50%) and varying terms of the loan (3-year and 5-year) on Monthly Payment. "