#6 the answer $58.06 and 9.24% is provided to us. I need the work that shows the steps we took to come up with this answer. Excel and financial calculators are not allowed. Thank you

6. A loan of $3,200 is obtained at 8.4% payable monthly and is due in six years. To accumulate the principal the borrower will make monthly deposits into a sinking fund which earns 7.2% interest compounded monthly. Determine the total periodic payment. If the debt had been amortized with payments equal in size to the total periodic payment, what would be the effective interest rate to the nearest 0.01%? 7. A company borrows $60,000 and pays interest at the end of each year at a rate of 6.2% annually, with the principal due in six years. A sinking fund paying 5% interest compounded annually is set up to accumulate the principal. Find the total periodic payment. If the debt had been amortized with payments equal in size to the total periodic payment, what would be the effective interest rate to the nearest 0.01%? 6. A loan of $3,200 is obtained at 8.4% payable monthly and is due in six years. To accumulate the principal the borrower will make monthly deposits into a sinking fund which earns 7.2% interest compounded monthly. Determine the total periodic payment. If the debt had been amortized with payments equal in size to the total periodic payment, what would be the effective interest rate to the nearest 0.01%? 7. A company borrows $60,000 and pays interest at the end of each year at a rate of 6.2% annually, with the principal due in six years. A sinking fund paying 5% interest compounded annually is set up to accumulate the principal. Find the total periodic payment. If the debt had been amortized with payments equal in size to the total periodic payment, what would be the effective interest rate to the nearest 0.01%