A company acquires a loan for $550,000 for a duration of 5 years. The nominal interest rate is 5.75% and is compounded monthly. Determine the following: a.The effective annual interest rate. b.The equivalent monthly payment. c.After 5 monthly payments, determine the amount that is still owed on the original loan balance .d.If an additional $500 is paid towards the loan balance each payment, after 5 monthly payments, determine the amount that is still owed on the original loan balance