what formulas do i need to use for part a. and for part b.

When you purchased your car, you took out a five-year annual-payment loan with an interest rate of 6% per year. The annual payment on the car is $5,000. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following scenarios? Complete the steps below using cell references to given data or previous calculations. In some cases, a simple cell reference is all you need. To copy/paste a formula across a row or down a column, an absolute cell reference or a mixed cell reference may be preferred. If a specific Excel function is to be used, the directions will specify the use of that function. Do not type in numerical data into a cell or function. Instead, make a reference to the cell in which the data is found. Make your computations only in the blue cells highlighted below. In all cases, unless othenrise directed, use the earliest appearance of the data in your formulas, usually the Given Data seotion. a. You have owned the car for one year (so there are four years left on the loan). b. You have owned the car for four years (so there is one year left on the loan). Annual payment Interest rate Number of periods a. You have owned the car for one year (so there are four years left on the loan)? Number of periods Payoff amount b. You have ouned the car for four years (so there is one year left on the loan)? Number of periods Payoff amount