Suppose that you wish to purchase a car and that your bank isoffering to you a loan. You wish to explore the nature of this loanand the payments that you would have to make given certaincircumstances such as the amount that you borrow. Fortunately,Excel offers a function (PMT) that calculates the payment for aloan based on constant payments and a constant interest rate. Thesyntax of the function is: PMT(rate, nper, pv) where rate is theinterest rate for the loan, nper is the total number of paymentsfor the loan, and pv is the amount of the loan. Create aspreadsheet where you may enter the three parameters and have thepayment be calculated for you. Once you have done this, create asingle variable table that will list for you the different paymentsgiven different amounts of money borrowed (assume you areconsidering buying a car in the $10,000 to $20,000 range looking at$1000 increments). Also on this tab solve the following doublevariable problem: Create a double variable table that has amountborrowed as the column variable and number of years as the rowvariable and payment as the output variable. Also on this tab solvethe following double variable problem: Create a double variabletable that has interest rate as the column variable and number ofyears as the row variable and Payment as the output variable.(NOTE: Rather than use number of years, if you are making monthlypayments, the value would be number of months (i.e., three yearswould be 36). Finally, create three scenes (high, medium, low)using Scenario for the problem stated above.

How to do this in excel?