also, I have this answer, but I don't know how to solve the problem

can You Explain It detail and give the formula

thanks

2. (8 marks) Your post-production company is looking for a loan to finance the purchase of a unit in a commercial building as a studio. The best offer you get is a 8-year, $5,000,000 loan at 6% from a local bank. a. What is the monthly payment on this loan? ( 5 marks) 5,000,00025,000pmt=pmt(0.00510.005(1.005)961)=pmt(10.6195)=$65,707.15 b. What is the effective annual rate of this loan? (3 marks) EAR=(1+120.06)121=0.06168(=6.168%)