Today is 1 July 2018. MQU bank is offering a 25 year $1,000,000 loan product from July 2018 to June 2043 to its customers. This loan product requires customers to make monthly repayment. Payment will be paid at the beginning of each month with an amount of $6,500. Use the Goal Seek to find the implied annual nominal rate of interest payable monthly (i.e., j12) charged by MQU bank. Assume that there is an annual fee of 350 paid on 1 July of each year and the first payment is on today.