+You are looking at buying your first car. Based on your budget you can afford up to $400 per monthpayments. You go to the DATCU branch in the Union Building and they give you 3 options forpreapproved loans. Fill in the table below. Check your answers in Canvas to make sure you got themright before the due date! Unlimited attempts to check your math for the tables!DATCU OptionsTerm in Months (N)Down Payment Required48607210%10%10%Interest Rate (I/Y)5.49%6.49%6.99%Hint: Convert to monthly on calculator$ 400$ 400$ 400Monthly Payment (PMT)Hint: make it negative on calculatorMaximum Amount Financed (PV)Down Payment Required in $$Maximum Price willing to pay for Carincluding Tax, Title, and LicenseIf you paid the maximum price on the car calculate the following:Total Interest paid on the CarTotal Amount paid for carHint: It is all the payments and down payment

Monthly Payment (PMT):PMT = PV * (I/Y) / (1 - (1 + I/Y)^(-N))where,PV is the present value of the…

Answered: You are looking at buying your first…

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 27M

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