2. You wish to take a loan of $100,000 for 7 months. You know that the bank charges an APR of 8% (compounded monthly, meaning 8%/12 per month) and a "loan initiation fee" of $1,100. The repayment of the loan is in a single amount at the end of the 7 month period. What is the loan's EAIR? (Note: the net amount of cash you can take home is NOT $100,000 since you need to deduct the initiation fee of SI,100 from the loan amount)