You are interested in purchasing a $$17,999$ new car. You are weighing your options regarding down payment and payment schedule. Your credit score indicates that you can secure a loan with a $5\mathrm{.}9\%$ interest rate for a $5-$year loan. The facts are summarized below.

Car Price:$$17,999$

Down Payment:$10\%$

Annual Interest Rate: $5\mathrm{.}90\%$

Loan years: $5$

Answer the questions below.

$1.$ If you pay $10\%$ as a down payment $($only need to borrow $90\%$ of the car price$),$ use an EXCEL formulas $($SHOW FORMULA$)$ and functions to compute the following assuming you make ANNUAL payments.

$($A$)$ Payment Amount:

$($B$)$ Total Repayment:

$($C$)$ Total Interest

$2.$ If you pay $10\%$ as a down payment $($only need to borrow $90\%$ of the car price$),$ use an EXCEL formulas $($SHOW FORMULAS$)$ and functions to compute the following assuming you make MONTHLY payment

$($A$)$ Payment Amount

$($B$)$Total Repayment

$($C$)$ Total Interest

$3.$ Use an Excel formula $($SHOW FORMULA$)$ to calculate the difference $($subtraction$)$ between the two options

Difference: