You are considering taking out a $25,000 loan to buy a new car. The annual interest rate on the loan is 6.50%. The term of the loan will be for five years and you will make sixty equal monthly payments.

A. Calculate the monthly payment on the loan.

B. Build an amortization table in Excel that will allocate each monthly payment to both principal and interest.

C. How much interest will you pay on the loan after it is paid off in five years.