For dollar amounts, give your answer in dollars, to the nearest cent, and do not include any currency signs. For interest rates, give our answer as a percentage rounded to 4 decimal places and do not include a percentage sign. For example, if you get an answer of 1.234567%, you would enter 1.2346 as your response. For each question, some parts of the question may use values from earlier parts. In these cases, use the EXACT values from the earlier parts, not the rounded values. Please show formulas too if possible either on excel works.

Freddie decides to buy the fleet of vehicles after all, for a price of $371,000. Freddie's friend Kiki, who is an executive at "Mercury Bank", has arranged a special interest rate of 2.4% p.a. compounding monthly for Freddie to take out a loan for this purchase. Freddie is considering taking this special offer, and intends to fully repay the loan using level monthly repayments over the coming 8 years. The first payment is exactly one month from today. (a) Calculate the size of the level monthly repayment. Give your answer in dollars, to the nearest cent. (1 mark) Answer: (b) What is Freddie's loan outstanding after 1 year? Give your answer in dollars, to the nearest cent. (1 mark) Answer: (c) Calculate the interest Freddie is charged in the first year. Give your answer in dollars, to the nearest cent. (1 mark)