You are considering purchasing a car with a sticker price of $40,000 (nonnegotiable with no down payment required). You wish to make monthly payments for five years and the most you can afford to pay is $900 a month. The credit union has agreed to loan you the money at a 4.8% annual interest rate.

1. If you make monthly payments of $900 how soon will you be able to pay off the car or will you be paying less than your monthly required payment? Create an amortization schedule. (use if statement for monthly payments column) (show excel formulas!)

If your monthly payment of $900 exceeds your required payment then you will end up paying off the loan early. When you create the $900 PMT table make sure to create an IF statement to determine what the last payment needs to be so that you do not have a negative balance