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Loan 2 Annual (End-of-year) repayment =PMT(B3,B4,-B5) 3 Interest Rate, i 15 4 Years, n 5 Amount of Loan from Bank $250,000 Refer to the screenshot

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Loan 2 Annual (End-of-year) repayment =PMT(B3,B4,-B5) 3 Interest Rate, i 15 4 Years, n 5 Amount of Loan from Bank $250,000 Refer to the screenshot above. Jack seeks a loan of $250,000 from his bank. If repayments are annual in arrears (end-of-year), and his bank charges 20% p.a compounding monthly, what is the value he needs to enter to cell B3? (Answer in percentage to two decimal places, do not include % sign eg. 12.00)

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