1. On Sheet 2: Create a spreadsheet model in Excel following the format used in class, i.e., have sections for inputs, decision variables, calculated quantities, outputs, and use range names.
   1. Assume a purchase price of $23,000 and an annual interest rate of 5%.
   2. The down payment should equal to the last four digits of your student ID number. For example, if your ID # is 987654321, then the down payment should be $4,321.
2. Also on Sheet 2: Make a 1-way data table where the loan length varies from 12 to 60 months in increments of 12 months. Output columns should be monthly payment size and TIP.
3. Also on Sheet 2: Make a 2-way data table for TIP where the loan length varies from 12 to 60 months in increments of 12 months and the annual interest rate varies from 3% to 7% in increments of 0.5%. Highlight all cells in the data table with a TIP below $1,600.
4. On Sheet 3: briefly answer to the following questions:
   1. Make an XY plot of TIP vs. loan length (i.e., put loan length on the x-axis). What kind of relationship is there between loan length and TIP (positive/negative, linear/nonlinear)?
   2. Make an XY plot of PMT vs. loan length (i.e., put loan length on the x-axis). What kind of relationship is there between loan length and PMT (positive/negative, linear/nonlinear)?
   3. What kind of relationship is there between the interest rate and TIP (positive/negative, linear/nonlinear)?
   4. If you can only afford to make monthly payments of $450 or less, and the annual interest rate is 5%, what options do you have regarding the loan length?

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