(a) You take a car loan of $50,000 at an interest rate of 8% per year. The bank requires three equal flat payments at the end of each year over three years. Please calculate the annual flat payments and split the payments into 'Interest' and 'Return of principal. Use Excel to calculate and record the solutions.

(b) Consider the following set of cash flows. Use Excel to calculate and record the NPVs of that set of cash flows for interest rates of 16%, 18%, 20%, 22% and 24% p.a. Draw a graph of the relationship between the NPV and the interest rate in Excel. Estimate and record the internal rate of return.

year 3	year 2	year 1	year 0
60	50	40	-100	cash flow