4 years ago, Sophia took out a 4-year personal loan of $5000 from her bank at a fixed interest rate of 6.5% p.a. compounded monthly. She is supposed to make a single repayment today to pay off the loan. However, she recently lost her job and would not be able to repay the money on time. The bank approves Sophias application to make the full repayment in 12 months time. The monthly effective interest rate increases by 0.08% from today and remains unchanged until Sophia pays off the loan.

Calculate the following variables in the formula of your choice. The variables may or may not be the same value. Assume i₁ represents the original interest rate. (2.5 marks)

For money amounts, round your answer to the nearest dollar. Do not include $. Do not use comma separators. For example, 123456 would be the correct format.

For percentage, round your answer to the nearest 0.001% (3dp). Do not include the % symbol. Do not use comma separators. For example, if your answer in decimal is 0.123456, 12.346 would be the correct format.

For n, show your answer as an integer (positive or negative). Do not include units like years or months (number only). Do not use comma separators. For example, 123456 would be the correct format.

PV=

i₁=

i₂=

n₁=

n₂=