Question 1 (20 points). I want to borrow $80,000 and make monthly payments for 10 years. The maximum monthly payment I can afford is $1,000. 1.1 What is the maximum interest rate I can afford if I wan to pay at the end of the month? 1.2 If I can pay $10,000 at the end, what is the maximum interest rate I can afford if I wan to pay at the end of the month? Important Note: Utilize the Excel Rate() function to solve the both questions.

Question 1 (20 points). I want to borrow $80,000 and make monthly payments for 10 years. The maximum monthly payment I can afford is $1,000. 1.1 What is the maximum interest rate I can afford if I wan to pay at the end of the month? 1.2 If I can pay $10,000 at the end, what is the maximum interest rate I can afford if I wan to pay at the end of the month? Important Note: Utilize the Excel Rate() function to solve the both questions