Please show how you would solve this question using equivalence equations/factors. Not excel. Thanks!

8. (15 pts) Your business manufactures a component for an OEM customer who pays you every quarter for your products. You must borrow $4.5 million to expand your warehouse. You arrange to borrow the money from the bank at 7% APR compounded monthly. You arrange your 4-year loan contract so you can make quarterly payments to coincide with your receipts from your customer. (a) What is the effective annual interest rate the bank is charging with 7% APR compounded monthly? (b) What is your quarterly payment? (c) What is your effective quarterly interest rate? (d) What is the effective annual interest you are paying with your quarterly payment