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A solar panel manufacturer in Adelaide is expanding its business with new equipment. They secured a 950,000 loan from a local bank with an interest

A solar panel manufacturer in Adelaide is expanding its business with new equipment. They secured a 950,000 loan from a local bank with an interest of 7.5% p.a. compounding monthly in the next 7 years. For the first 2 years, the manufacturer can only make interest-only repayments every month. From the beginning of the third year, they can make principal and interest repayments. a) What is the monthly repayment for the first 2 years? (1 marks) b) What is the monthly repayment for the rest 5 years? (4 marks) c) Use EXCEL to set up an Amortisation Schedule for the loan (7 years in total).

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