Recently you purchased a nice car for $$52,000$ on January $1,2023.$

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

of Money Formula provided below:

Time Value of Money Formulas:

Future Value of a single sum $>,FV=PV(1+i)$

Present Value of a single sum $PV=FV(1+i).$

Future Value of an ordinary annuity $F{V}_{ak}=A(\frac{(1+i{)}^{-}-1}{i})$

Present Value of an ordinary annuity $P{V}_{au}=A((1-\frac{\frac{1}{1+i}}{i}=))$

Present Value of perpetual Annuity $PV{p}_A=\frac{A}{i}$

Fundamental Variables

$i-$Interest rate per period $($month$)$

$n-$Number of time periods $($months$)$

$FV-$ Future value

$PV-$Present value

A$-$Annuity $($mortgage$)$

Schedule of payments

Answer the following Questions:

Your total payment, including $$2,000$ down payments:

Your total payment excluding down payment:

Your total interest expense for the first year:

Your total interest Expense over a $7-$year period:

Total cost of the car that you purchased: