Question 1 A Company defaulted on a $110,000 loan that was due on December 31, 2021. The bank has agreed to allow the Company to repay the loan by making a series of equal annual payments beginning on December 31, 2022. 1. Using the PMT function, calculate the required annual payment if the bank's interest rate is 10% and four annual payments are to be made. $34,701.79 2 points 2. Using the PMT function, calculate the required annual payment if the bank's interest rate is 8% and five annual payments are to be made. $27,550.21 2 points 3. If the bank's interest rate is 10%, using the NPER function, how many annual payments of $23,700 would be required to repay the debt? 6.545712703 2 points 4. If three payments of $45,014 are to be made, using the IRR function, what interest rate is the bank charging the Company? The Series of Cash Flows for the loan are: PV PMT 1 stated as a negative) 1 point 1 point PMT 2 (stated as a negative) 1 point PMT 3 (stated as a negative) 1 point (state answer as a percentage) 2 points B = Note: points will only be assigned where the answer is determine using EXCEL formulae or cell references. 5 6 7 8 9 0 11