[10 points] Make a new Excel file, right click on the tab at the bottoms that says Sheet 1 and rename it "Car Financing" to your workbook. In the top line write in assignment, class, and your name You are buying a car and have settled on a purchase price of $33,560 (the current average new car price) and a trade-in value for your current car of $2500. You agree to a down payment of $1000 and they offer you 4 years financing with monthly payments of $775. Calculate the effective annual interest rate you are being charged It's too much-so you try and leave, they offer you special financing of 6%, what is the new payment? Still uneasy about coming up with that much money every week. They tell you it is a great and reliable car and offer you 5 years financing instead of 4. What is the payment now? under these latest financing terms what is the maximum You really can't afford more than $500 payment amount you can finance? 1 Assignment 8 ENGR 3315 Fall 2017 Submitted by: Lee Hinkle (key) 33,560.00 Car Price $2,500.00 Trade-In for current car $1,000.00 Down Pa 6 $30,060.00 Amount Financed 775.00 Monthly Payment Years Financed 11.43% Effective Annual Interest Rate 10 696 New Interest Rate 12 13 14 15 16 17 Same terms, but need $500 payment, how much can you finance? 18 $25,862.78 19 20 21 Numbers in white are to be entered 22 Numbers in grey are calculated $705.96 New Payment Amount 5 New Number Years Financed @New Rate $581.14 New Payment Amount Car Financing Circuit Board CostRetirement