#8 the answer $1442.84, 6.2% 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

8. An individual obtains a twenty-five year $220,000 interest only loan for 5.7% interest compounded monthly. If they can set up a sinking fund at 4.5% interest compounded monthly, find the total periodic payment. At what rate is it less expensive to amortize the debt? 9. An individual obtains a thirty year $310,000 interest only loan for 6.6% interest compounded monthly. If they can set up a sinking fund at 5.1% interest compounded monthly, find the total periodic payment. At what rate is it less expensive to amortize the debt? ( $2070.64, 7.08%) 8. An individual obtains a twenty-five year $220,000 interest only loan for 5.7% interest compounded monthly. If they can set up a sinking fund at 4.5% interest compounded monthly, find the total periodic payment. At what rate is it less expensive to amortize the debt? 9. An individual obtains a thirty year $310,000 interest only loan for 6.6% interest compounded monthly. If they can set up a sinking fund at 5.1% interest compounded monthly, find the total periodic payment. At what rate is it less expensive to amortize the debt? ( $2070.64, 7.08%)