5 years ago, Sophia took out a 5-year personal loan of $5500 from her bank at a fixed interest rate of 7% 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 Sophia's application to make the full repayment in 14 months' time. The monthly effective interest rate increases by 0.09% from today and remains unchanged until Sophia pays off the loan. 1. Which of the following formula can be used to find the amount of repayment Sophia needs to make in 14 months? (0.5 mark) OFV=PV*(1+1)^n *(1+2)n2 OFV=PV(1+1,*n)*(1+izen) OFV=PV*(1+11) "n1+(1+i2)^n2 OFV=PV*(1+11) "ny+PV(1+12)^n2 OFV=PV (1+i,*n)+(1+iz*n2) OFV=PV(1+i1*n1)+PV (1+i2*n2) 2. Calculate the following variables in the formula of your choice. The variables may or may not be the same value. Assume in represents the original interest rate. (2.5 marks) For money amounts, round your answer to the nearest dollar. Do not include $. Do not use comma separators. For example, 123456 would be the correct format. For percentage, round your answer to the nearest 0.001% (30p). Do not include the % symbol. Do not use comma separators. For example, if your answer in decimal is 0.123456, 12.346 would be the correct format. For n, show your answer as an integer (positive or negative). Do not include units like "years" or "months" (number only). Do not use comma separators. For example, 123456 would be the correct format. PV=$ 3,879.73 (0.5 mark) 19 = 0.056 % (0.5 mark) 12= 0.591 % (0.5 mark) n = 60 (0.5 mark) n2= 74 (0.5 mark)