$1.$ Hugh is in his final year of study and forecast that it will cost $ $1,400,000$ to cover tuition and boarding. He plans to finance $85\%$ of the required amount with a $4-$year loan from his local commercial bank. The loan is at a $16\mathrm{.}5\%$ annual rate and compounds monthly. a$)$ Using Excel, compute the monthly payment required to clear the loan within the projected period.b$)$ Using Excel, prepare the amortization spreadsheet $($show formulas$).$c$)$ How much interest would Hugh have paid at the end of two and half years?d$)$ What proportion of the $25$th payment is interest?e$)$ What is the effective rate being charged by the commercial bank?