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. must make amortization schedule for bank's payment and amortization schedule for if payment was $900 a month. (please include excel formulas for amortization schedules)

a) What is your monthly payment and can you afford to purchase the car?

b) Instead of making the regular payment that you solved for in part a, 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?