1 2 Instructions: Complete all cells shaded green. All answers must be determined using EXCEL formulae. Question 1 3 A Company defaulted on a $110,000 loan that was due on December 31, 2021. 4 The bank has agreed to allow the Company to repay the loan by making a series of equal annual payments beginning on December 31, 2022. 5 6 1. Using the PMT function, calculate the required annual payment if the bank's interest rate is 10% and four annual payments are to be made. 7 2 points 8 9 2. Using the PMT function, calculate the required annual payment if the bank's interest rate is 8% and five annual payments are to be made. 10 2 points 11 12 3. If the bank's interest rate is 10%, using the NPER function, how many annual payments of $23,700 would be required to repay the debt? 13 2 points 14 15 16 4. If three payments of $45,014 are to be made, using the IRR function, what interest rate is the bank charging the Company? The Series of Cash Flows for the loan are: 17 PV 18 PMT 1 (stated as a negative) 1 point 1 point 19 PMT 2 (stated as a negative) 1 point 20 PMT 3 (stated as a negative) 1 point 21 22 (state answer as a percentage) 2 points 23 24 Note: points will only be assigned where the answer is determine using EXCEL formulae or cell references. 25