• Anna has negotiated to buy a new SUV for $39,400. She will need to borrow 90% of the purchase price, and she would also like to make equal monthly loan payments over a seven-year period. Required: Answer the following, including variables and calculations to show your work.
• (a) If the cost of borrowing is 5.49% per annum, what would her monthly loan payment be?
• (b) If the monthly payment is $475 per month, what is the interest rate on the loan above? This needs to be completed in excel.