You plan to purchase a car that costs $42,100. You deposit a down payment of $4,000 and finance the remaining amount over a period of 5 years. Your quoted annual rate is 9.30% compounded monthly.

What will your monthly car payment be for the next 5 years? Round to the nearest $0.01. Create a single-variable data table in Excel highlighting the monthly payment as a function of the length of the car loan. The table should indicate monthly payment figures for a loan term of a minimum of 2 years and a maximum of 7 years.

Create a 2-variable data table in Excel highlighting the monthly payment as a function of (1) the length of the car loan and (2) the quoted annual rate. The table should indicate monthly payment figures for a loan term of a minimum of 2 years and a maximum of 7 years and a minimum quoted annual rate of 4% to a maximum of 12% in 0.50% intervals (e.g., 4%, 4.5%, 5%, etc.)