Nper1 number of months with interest only repayments : 18

Number of years, n, with principal and interest (P&I) repayments : 23

Nper2 (Number of months with principal & interest repayments): 276

Interest rate: 9.00%

Interest rate per month : 0.75%

Loan Amount: $928,022

Fixed monthly repayment (P&I) after interest only period expires: $7,974.20

At least one of the following excel TVM functions must be used: =PV(), =FV(), =PMT(), =RATE(), =NPER(), =IPMT(), =PPMT(), =CUMIPMT(),=CUMPRINC().

Right after the interest-only period expires, the bank extends the interest-only period by another 4 months without changing the length of the loan term (You still need to fully repay the loan by the original date). Recalculate the amount of month- end repayment you should make when the extended interest-only periold expires