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Part I. Financial Functions [16 points] You are buying a car with list price of $35,000. To pay for the car, you are taking a loan for 3 years at an annual nominal rate of 4%. After 4 years you will sell the car (note that you will pay the loan by end of year 3, but will keep the car for one more year). Based on your research the car's value will depreciate (go down) at an annual rate of 8% a year, that is at the end of year one it will be worth 92% of original value; At the end of year two it will be worth 92% of its value as of end of year one, etc. Do your work on the Problem 3 Worksheet. 1. [3 points] Create defined names to the cells in the range B3:B8 from the labels in the range A3:A8. 2. [3 points] In cell B11, use the FV function to determine the sale price you expect to get for your car after 4 years. 3. [3 points] In cell B12 determine your monthly payment on the loan. 4. [3 points] If the expected annual inflation rate (in cell B8) for the next 4 years is 2% (compounded monthly), what is the present value of all the loan payments? (Hint: the inflation rate is your buyer's discounting rate). Enter your formula in cell B13. Hint: Here you will assume that you are making monthly payments in cell B12 and you are computing the PV of this cash stream discounted at 2%. 5. [2 points] In Cell B14, determine the PV of all your future cash flows, which are the monthly payments you will make over three years and the money you will get after four years (discounted at 2%) when selling the car. Note that you already have the PV of all the loan payments in cell B13. 6. [2 points] Complete the two way data table in H4:N10 to show how the monthly payment varies with the annual interest rate and the term of the loan. Make sure to use the data table dialog box. Format numbers in the data table using the currency format with two decimal digits. Show the word "Payment" in the cell H4 Add Solid Fill Red data bars to the range with the payment to represent the size of the payment Problem 3 Part II. This problem starts in A23. Date and Time [14 points] 1. Kate wants to take a GMAT test that is offered every month on the 15 of the month. Given the she needs at least 90 days to study, what is the soonest date she can take the test? In Cell B25 provide a formula that will work no matter what is the current date. You should count today as day one of the 90 days (does not matter what is the current time), but Kate will not study on the day of the test.Part I. Financial Functions Inputs List price Annual Interest Rate Loan Term 0.08 0.09 0.1 0.11 0.12 0.13 Loan APR Years until sell Car Depr Rate Term in years Inflation rate Answers Sale price in 4 years Monthly payment PV of loan payments PV of all Cash flows Problem 3 Part II. Date & Time Functions Date Kat Can take Test