Question: 1. Create an amortization table in Excel for a new car loan for30,000 for six years at 5%. Determine the total amount of interestyou will

1. Create an amortization table in Excel for a new car loan for30,000 for six years at 5%. Determine the total amount of interestyou will pay on this loan. 2. Copy the table from Step 1, make anextra principal payment of $2,000 on the first day of year two. Howdoes this change the total interest you will pay on this loan? 3.Create an amortization table in Excel for a new car loan for 30,000for three years at 5%. Determine the total amount of interest youwill pay on this loan. 4. Copy the table from Step 3, change theinterest rate to 2%. How does this change the total interest thatyou will pay on the loan? 5. What is the total amount you will payfor the car (principal and interest) in each of the steps 1,2,3 and4.

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