A loan of $100,000 is made today. The borrower will make equal repayments of $818 per month with the first payment being exactly one month from today. The interest being charged on this loan is constant (but unknown).

For the following two scenarios, calculate the interest rate being charged on this loan, expressed as a nominal annual rate in percentage. Give your answer as a percentage to 2 decimal places.

(b) The term of the loan is unknown but it is known that the loan outstanding 2 years later equals to $88068.

Can this please be inputted Into the following excel

3:17 pm Wed 22 Apr 32% 0 You may find it helpful to create a loan repayment schedule for the interest only period Loan Repayment Schedule Balance at beginning Interest Month Balance at end Loan at time 0 Nominal interest rate given Compounding frequency I required Effective periodic rate Original repayment Loan outstanding after fixed interest period Total interest over fixed interest period New nominal rate after fixed interest period New i, required New effective periodic rate New repayment part (a) part (b) part (c) part (d)