You just graduated college with your Bachelor's Degree and accepted a job offer at your dream company. You decided to celebrate by purchasing a brand new Tesla Model 3 for $50,000. You have a 720 credit score, therefore you were able to get a 3% interest rate on a 4-year loan. You will be making monthly payments. Using Excel, prepare a professional amortization schedule for the entire 4 years. It must include the payment and the total amount of interest you will pay over the 4 years. 

(Hint: interest rates are annual, you must convert them to monthly and the periods must be in months, for example, how many months are in 4 years). The Excel cells must contain formulas when appropriate, I recommend cell referencing, both relative and absolute.

Answer rating: 100% (QA)

Solution Purchase price 50000 Down payment 0 as not given in question Loan amount P 50000 Interest rate R 3 Period of loan 4 years Amount of equal mon... View the full answer