Using MS Excel, create an amortization schedule for a car loan. Open MS Excel and click New, in the templates search for “car loan” and then choose loan amortization schedule from the options presented. Fill out the form with data from a car purchase you may have been thinking about recently. Answer the following questions:
- What is your payment?
- What is your total paid in interest?
- How long is your loan? Why did you choose this term length?
- What interest rate did you use? Why?
- Is this car affordable in your budget?
Create this assignment using Microsoft Excel. Answer the questions on a new worksheet in the same workbook.