I recommend that you have Excel open for use during the exam. Question 21 3pts Ron's Loan: Ron borrows $3.000,000 to purchase a warehouse. The annual interest rate on the loan is 8.25 percent, and the term of the loan is 25 years. How much interest will Ron pay in month 37? Enter your answer rounded to the nearest penny with no punctuation, but do not use the rounded intermediate results in future calculations involving Ron's Loan (keep all available decimals). Ron's Loant Ron borrows $3,000,000 to purchase a warehouse. The annual interest rate on the loan is 8.25 percent. and the term of the loan is 25 years: How much principal will Ron pay in month 37? Enter your answer rounded to the nearest penny with no punctuation, but do not use the rounded intermediate results in future calculations involving Rons Loan (keep all available decimals). Ron's Loan: Ron borrows $3,000,000 to purchise a warehouse. The annual interest rate on the loan is 8.25 percent, and the term of the loan is 25 years. How much principal will Ron pay in the fourth year of this loan (payments 37 through 48 )? Enter your answer rounded to the nearest penny with no punctuation, but do not use the rounded intermediate results in future calculations involving Ron's Loan (keep all available decimals). Ron's Loan; Ron borrows $3,000,000 to purchase a warchouse. The annual interest rate on the loan is 8.25 percent, and the term of the loan is 25 years. Suppose Ron refinances the loan at the end of month 48 at the then prevailing interest rate of 6%. Rather than reducing his monthly payment, however, Ror decides to continue making the same monthly payments. How many months must Ron continue to make the payments on this new loan? (Round your answer to two decimal places. For example, if you think the answer is 34.578 months, enter 34.58.) Hint: use the NPER function in Excel