A bank makes a package of three loans to a small business. Loan 1-(a) $120,000 amortized monthly for ten years at a nominal discount rate of 6.8% convertible monthly. Loan 2-(b) $100,000 to be repaid by monthly sinking fund payments for ten years where interest is assessed at a rate of 5.4% nominal convertible monthly and the sinkingfund earns 4% nominal interest convertible monthly.The bank receives the sinking fund deposits. Loan 3-(c) $200,000 to be repaid with interest at the end of ten years with an effective rate of discount of 8.2% throughoutthe ten years. Find the banks annual effective yield on each of these loans individually and on the package of loans over the ten-year period. NO EXCEL OR ACTUARIAL CALCULATOR FORMULAS