(Solved): You are interested in purchasing a $17,999 new car. You are weighing your options regarding down pay ...

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 5.9% interest rate for a 5-year loan. The facts are summarized below. Car Price $17,999 Down Payment 10% Annual Interest Rate: 5.90% Loan years 5 Answer the questions below. 1. If you pay 10% as a down payment (so only need to borrow 90% of the car price), use an EXCEL formulas and functions to complete the following table assuming you make ANNUAL payments. Payment amount: ? (Format with $, and as a positive number) Total repayment: ? (# of payments X Payment amount) Total interest: ? (Total repayments - amount borrowed) 2. If you pay 10% as a down payment (so only need to borrow 90% of the car price), use an EXCEL formulas and functions to complete the following table assuming you make MONTHLY payments. Payment amount: ? Total repayment: ? Total interest: ? 3. Use an Excel formula to calculate the difference (subtraction) between the total interest paid between the two options. Difference: ? Please help and provide the Excel formulas.