What is the appropriate yield to maturity for a $1000 par value bond selling for $1120 that matures in 6 years and pays 12% interest annually?

(Must use your critical analysis and trial-error method to estimate the yield to maturity. Provide all workings for YTM, PVIFA and PVIF in calculations)

**from student: I'm having difficulty working this out with excel, especially the coupon, annual interest payment, the PVIFA and the PVIF, your help is much appreciated**