please use excel functions/formulas with full explanation... Question: Please use excel functions/formulas with full explanation of answers. 10. James and Corrine are considering what to do about purchasing a new car. They would like to buy a new 2016 Toyota Highlander. The dealer has quoted a price of $35,000 with the options they want. They have three choices. Option 1: With a down payment of $4,300, they can lease the car for 3 years at $324 per month. At the end they have the option to purchase the car for $25,000. If they decide to buy, they have two options. Option 2: They have the option of a zero-interest loan for 3 years. Option 3: They can deduct $4,000 off the purchase price and finance the remaining balance with a 5-year loan with an interest rate of 6%. In all cases, the cost of sales tax and license tags total $2,500. They plan to keep the car for 12 years. 10a. Convert the 6% annual discount rate to a monthly rate and find the present Value of the lease option. The $4,300 up-front fee includes the $2,500 for tax and tags. Hint: Cash Flow timeline Month Cash Flow 0 -$4,300.00 1 -$324.00 2 -$324.00 3 -$324.00 4 -$324.00 5 -$324.00 6 -$324.00 7 -$324.00 8 -$324.00 9 -$324.00 10 -$324.00 11 -$324.00 12 -$324.00 13 -$324.00 14 -$324.00 15 -$324.00 16 -$324.00 17 -$324.00 18 -$324.00 19 -$324.00 20 -$324.00 21 -$324.00 22 -$324.00 23 -$324.00 24 -$324.00 25 -$324.00 26 -$324.00 27 -$324.00 28 -$324.00 29 -$324.00 30 -$324.00 31 -$324.00 32 -$324.00 33 -$324.00 34 -$324.00 35 -$324.00 36 -$324.00 37 -$25,000.00 10b. Calculate the Monthly Payment for the 3 year, zero interest loan for $35,000. 10c. create a cash flow time line for the purchase with a 3 year, zero Interest Loan. Don't forget the $2,500 for tax and tags. 10d. Calculate the Present Value of the purchase of the car with the zero interest loan with the monthly equivalent of the 6% discount rate 10e. Calculate the payment for a loan of $31,000 at 6% interest for 5 years. The rebate of $4,000 is used to reduce the amount of the loan. James and Corrine must still pay the $2,500 for tax and tags in period zero 10f. Create a cash flow time line for the purchase with a $4,000 rebate, a 5 year loan of $31,000 at 6% Interest. Note: the loan value is the $35,000 price minus the $4,000 rebate. Don't forget the $2,500 for tax and tags in period zero. 10g. Calculate the Present Value of the purchase of the car with the $4,000 rebate and a 6% loan. 10h. what should James and Corrine do? Why? Please use excel functions/formulas with full explanation of answers. 10. James and Corrine are considering what to do about purchasing a new car. They would like to buy a new 2016 Toyota Highlander. The dealer has quoted a price of $35,000 with the options they want. They have three choices. Option 1: With a down payment of $4,300, they can lease the car for 3 years at $324 per month. At the end they have the option to purchase the car for $25,000. If they decide to buy, they have two options. Option 2: They have the option of a zero-interest loan for 3 years. Option 3: They can deduct $4,000 off the purchase price and finance the remaining balance with a 5-year loan with an interest rate of 6%. In all cases, the cost of sales tax and license tags total $2,500. They plan to keep the car for 12 years. 10a. Convert the 6% annual discount rate to a monthly rate and find the present Value of the lease option. The $4,300 up-front fee includes the $2,500 for tax and tags. 10b. Calculate the Monthly Payment for the 3 year, zero interest loan for $35,000. 10c. create a cash flow time line for the purchase with a 3 year, zero Interest Loan. Don't forget the $2,500 for tax and tags. 10d. Calculate the Present Value of the purchase of the car with the zero interest loan with the monthly equivalent of the 6% discount rate 10e. Calculate the payment for a loan of $31,000 at 6% interest for 5 years. The rebate of $4,000 is used to reduce the amount of the loan. James and Corrine must still pay the $2,500 for tax and tags in period zero 10f. Create a cash flow time line for the purchase with a $4,000 rebate, a 5 year loan of $31,000 at 6% Interest. Note: the loan value is the $35,000 price minus the $4,000 rebate. Don't forget the $2,500 for tax and tags in period zero. 10g. Calculate the Present Value of the purchase of the car with the $4,000 rebate and a 6% loan. 10h. what should James and Corrine do? Why?