You are thinking about buying a car and you plan on getting a car loan. In this lab assignment, you want to select the best payback options for the car loan you will be getting.

\begin{tabular}{|ll|} \hline \multicolumn{1}{|c|}{\begin{tabular}{c} Car Loan Payment \\ Calculator \end{tabular}} \\ \hline \hline Loan amount \\ Interest rate \\ Months \\ Monthly payment \\ Total Interest & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Loan Payoff Options & \begin{tabular}{|l||} Monthly \\ Payment \end{tabular} & Months & \begin{tabular}{c} Total \\ Interest \end{tabular} \\ \hline Original loan terms & & & \\ \hline Reduce monthly payment to $450 & & & \\ \hline Reduce monthly payment to $350 & & & \\ \hline Reduce length of loan to 42 months & & & \\ \hline Reduce total interest paid to $2500 & & & \\ \hline \end{tabular} 3. Click the Car Loan Payoff Options worksheet. Enter a loan amount of 22,000 into cell G4. Enter an interest rate of 5.90% into cell G5. Enter months of 48 into cell G6. 4. Enter the Monthly Payment, Months, and Total Interest Paid values from the Car Loan Payment Calculator in the Original loan terms row of the Loan Payoff Options table found in the range 14:L9. 5. Use Goal Seek to determine how many months you would need to pay off the loan if your monthly payment was $450.00. Note the results and click 'Cancel' as to not save the results to the table. Then, update the Loan Payoff Options table with the results of this Goal Seek. 6. Using the original values from 3 above, use Goal Seek to determine how many months you would need to pay off the loan if your monthly payment was $350.00. Note the results and click 'Cancel' as to not save the results to the table. Then, update the Loan Payoff Options table with the results of this Goal Seek. 7. Using the original values from 3 above, reduce the loan term from 48 months to 42 months and update the monthly payment and total interest paid in the Loan Payoff Options table. 8. Using the original values from 3 above, use Goal Seek to determine the Monthly Payment and Months for the final option in the Loan Payoff Options table, reducing the total interest paid to $2500. Note the results and click 'Cancel' as to not save the results to the table. Then, update the Loan Payoff Options table with the results of this Goal Seek