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Chapter 11 - Exercise 03Kyle Godwin is interested in buying a 24-foot pontoon boatfor $11,850. His creditunion’s terms are 10% down, 14% interest, and 24 months to pay offthe loan.Calculate the amount to be financed, the interest, the amount to berepaid, andthe monthly payment.Terms of LoanPayment CalculationsPurchasePrice$11,850.00Amountto be FinancedDownPayment Percent10%InterestInterestRate14%Amountto be RepaidTerm(months)24MonthlyPaymentDirections:a. Enter a formula in Cell D5 to calculate the Amount to beFinanced.b. Enter a formula in Cell D6 to calculate theInterest.  c. Enter a formula in Cell D7 to calculate the Amount to beRepaid.d. Enter a formula in Cell D8 to calculate the MonthlyPayment.e. Format Column D for Currency. Set Decimal places to 2. SetCurrency symbol to $.f. Save the file as ch11ex03a.xlsx.