Assume we are going to use the PMT function to calculate a monthly.payment due at the end of each month. The annual interest rate on the loan is 6% and it will cover 10 years. Which of the following statements is TRUE? The 2 nd argument is the number of periods and the number of periods within this PMT function would be 120 . The last argument within this PMT function is the [Type] argument and the argument would be the number 1 . The 1st argument is the number of periods and the number of periods within this PMT function would be 10 . The 1st argument is the rate and the rate within the PMT function would be 1%. The 1st argument is the rate and the rate within the PMT function would be 5\%