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  3. a. sarah buys a car for $15,000 on january 1 using

a. Sarah buys a car for $15,000 on January 1 using a three-year loan at...

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a. Sarah buys a car for $15,000 on January 1 using a three-year loan at 6% annual interest, compounded monthly. The loan must be paid off in equal monthly installments, paid at the end of each month. Determine her monthly payment. (Hint: Use the PMT function.) b. Continue from (a). Sarah must make a down payment of $1000 right at the beginning (on Jan 1) when she takes possession of the car. The first monthly payment is due at the end of the month as in (a). What is her monthly payment? c. Continue from (a) and (b) above. In addition to the down payment, Sarah must make a balloon payment of $2000 at the end of the 3-year loan period, with the last monthly payment. What is her monthly payment? (Hint: $2000 is the future value in the PMT formula.) Calculate in Excel and show any formula/function used

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