Solve all of the following problems with Excel. Please use formulas in excel to solve. (2) (10 p15) (a) Assume monthly car payments of $500 per month...

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Solve all of the following problems with Excel. Please use formulas in excel to solve.(2) (10 p15) (a) Assume monthly car payments of $500 per month for 4 years and an interest rate of 0.75% permonth. 1. What initial principal will this repay?(b) Assume annual car payments of $6000 for 4 years and an interest rate of 9% per year.1. What initial principal will this repay? (0) Assume monthly car payments of $500 per month for 4 years and an interest rate of 7% peryear. 1. What initial principal will this repay? 2. Prepare a loan payment schedule showing the payments and interest for the life of the loan.