Marco is looking to purchase a new van for his plumbing business. His bank is willing to lend him $425,000, however the loan is required to be repaid over 6 years in equal monthly payments of $8,500 (that is, payments will be made at the end of each month). Use a financial calculator where appropriate. a) What is the annual percentage rate (APR) on this loan, compounded monthly? [6 marks] b) What is the effective annual rate (EFF) on this loan? [3 marks] c) Calculate the amount which will be shown in the balance sheet of the business at the end of the first year. (5 marks]