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Please use excel to do your analysis. Follow the steps and havea what if analysis data table for your car loan case. You areloaning 20,000 with 8.5 % interest for 60 months. In this scenarioyou need to pay $410 monthly. Use Excel’s PMT function to calculatemonthly loan amount. What will your monthly payment be if you havedifferent interest rates and terms (total term of months). UseExcel’s what if data table analysis to check various options withdifferent interest rates and terms. (range your interest ratesbetween 3% to 11% with 0.5 % increments, term as 24 months to 90months increasing 6 months each time.) Also add data validation toloan amount. Prepare a list of various loan amounts (15,000 20,00025,000) My Car Loan Loan Amount 20000 Term (months) 60 InterestRate 8.5% Payment ($410.00)
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