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Please use excel and show formulas A $69,000 interest-only mortgage loan is made for 30 years at a nominal interest rate of 4 percent. Interest

image text in transcribedPlease use excel and show formulas

A $69,000 interest-only mortgage loan is made for 30 years at a nominal interest rate of 4 percent. Interest is to be accrued daily, but payments are to be made monthly. Assume 30 days each month. Required: a. What will the monthly payments be on such a loan? b. What will the loan balance be at the end of 30 years? c. What is the effective annual rate on this loan

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