example: you want to buy a $18,500 car. the company is offering a 3% interest rate for 4 years. what will your monthly payments be? i will do this one for you and show you how i want you to describe your formula/inputs in excel if that is how you choose to go about solving problems 2 through 5 - which i strongly recommend. if you choose to perform the calculations by hand show the formula used with values. excel: formula used: pmt rate input: .03/12 nper input: 4*12 pv input: 18500 answer: $409.49 per month 2. you want to buy a $22,500 car. the company is offering a 4% interest rate for 5 years. a. what will your monthly payments be? round to the nearest cent. b. assuming you pay that monthly amount for the entire 5 years, what is the total amount of money you will pay during those 5 years for the car? c. how much interest will you pay during those 5 years?