Today is 1 January 2018. MQU bank is offering a 5 year $100,000 loan product to

its customers.

For this loan product, each customer needs to pay an initial cost

of $200 at the beginning of the loan. Use the Goal Seek to find the real

borrowing cost for a customer (expressed as an annual rate payable monthly

j12). This loan product requires customers to make monthly repayment. The

payment will be paid at the beginning of each month with an amount of $2,000.