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A B 1 LOAN 2 Annual (end-of-year) repayment =PMT(B3,B4,-B5) 3 Interest rate, i 4 Years, n 15 5 Amount of Loan from bank $250,000 Refer

	A	B
1	LOAN
2	Annual (end-of-year) repayment	=PMT(B3,B4,-B5)
3	Interest rate, i
4	Years, n	15
5	Amount of Loan from bank	$250,000

Refer to the screenshot above. Jack seeks a loan of $250,000 from his bank. If repayments are annual in arrears (end-of-year), and his bank charges 22% p.a compounding monthly, what is the value he needs to enter to cell B3? (Answer in percentage to two decimal places, do not include % sign eg. 12.00)

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