Recently you purchased a nice car for $$52,000$ on January $1,20x1.$

The dealer asked you to pay $$2000$ down and offered you financing for the remaining. The condition of the financing was as follows:

Total period was $7$ years.

Interest rate is $4\mathrm{.}9\%$

Your payment should be at the end of each month.

Required to calculate your monthly payments using the appropriate time value of money formula provided for you below. Do not use any other method such as Excel present value function as it would has zero value for this project.

You must prepare the following schedule in Excel and fill in the numbers. Make sure DO NOT type the numbers and rather transfer the cells.

Schedule of Loan Amortization

# of Period in years # of period in months Interest rate per year Interest rate per month Principle of the loan Annuity $($monthly payment$)$

Please Note: again, for calculation of the Annuity, you must use the appropriate Time Value

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