Rememb 1. (10 pts) A loan of $22,000 is incurred today and is to be paid off over 4 years. The annual interest rate is 7.5%, compounded monthly. Payments are made monthly. a. Using Excel, what is the monthly payment? b. Using Appendix A in the book, page 646, calculate the correct factor to 8 decimal places, and verify the monthly payment. C. After 24 payments have been made, what is the remaining principal balance? d. After 24 payments have been made, how much interest has been paid on the loan? e. If the loan is paid until maturity, how much interest will be paid on the loan?