You are considering purchasing a small commercial property for $1,000,000. A bank has offered you two different loan options, the first would require a down payment of 30% and would have an interest rate of 4.5%. The second option would require a downpayment of only 20%, but the interest rate would rise to 5.25%. Both loans would have 25 year terms. After determining your monthly payment for each, calculate how much you are effectively paying (solving for RATE) for the additional $100,000 being borrowed under the 20% downpayment option.

Please use excel and show the formula in the answer

		a. 15.17%
		b. 9.92%
		c. 9.75%
		d. 10.72%