Using Excel and all formulas.Time to repay installment loanPersonal Finance ProblemMia Salto wishes to determine how long it will take to repay a loan with initial proceeds of

$17 comma 00017,000

where annual end-of-year installment payments of

$2 comma 8812,881

are required.

a.If Mia can borrow at an annual interest rate of

1212%,

how long will it take for her to repay the loan fully?

b.How long will it take if she can borrow at an annual rate of

99%?

c.How long will it take if she has to pay

1515%

annual interest?

d. Reviewing your answers in parts

a,

b,

and

c,

describe the general relationship between the interest rate and the amount of time it will take Mia to repay the loan fully.