$7.$ Your friend has approached you for a loan. He is asking you for $$970.$ In return, he promises to pay you $$73$ every six months. At the end of $6$ years, he will pay you $$1,150.$ What is the annual interest rate you would receive if you gave him the loan?

PV $=-970$

PMT$($End$)=73$

N $=6*2=12$

FV $=1,150$

I $=?=8\mathrm{.}47633891\%$ Refer to question $7.$ Using Excel, prepare an amortization table for the mortgage.

Obtain the results for the first fifteen periods and include the results with your

completed assignment. On the same page, show the overall sums for the relevant

columns over the full period of the mortgage.