Imagine you borrow $$640$ from your roommate, agreeing to pay her back $$640$ plus $7$ percent nominal interest in one year. Assume inflation over the life of the contract is expected to be $3\mathrm{.}50$ percent. What is the total dollar amount you will have to pay her back in a year? What percentage of the interest payment is the result of the real rate of interest? $($Do not round intermediate calculations. Round answers to $2$ decimal places, e$.$g$.17\mathrm{.}54$ or $17\mathrm{.}54\%.)$

Excel Template

$($Note: This template includes the problem statement as it appears in your textbook. The problem assigned to you here may have different values. When using this template, copy the problem statement from this screen for easy reference to the values you've been given here, and be sure to update any values that may have been pre$-$entered in the template based on the textbook version of the problem.$)$

Total dollar amount

$

Approximate percentage of interest attributable to the real rate of interest $\%$