1. Akron Corporation has borrowed $1.2 million from a bank with the understanding that they will pay $50000 a month until it pays off the loan. The bank will charge 9% annual interest, compounded monthly. Akron will make the payments at the end of each month. Find the following:

1. How long will it take Akron to pay off the loan; (Answer: 26.56 months)
2. What is the balance of the loan after 24 months? (Answer: $126272.71)

please answer in excel format