you are required to prepare a loan repayment schedule of a loan with an interest-only period of the first NPER1 months. During the first NPER1 months, only the interest amount (IO) is paid at the end of each month. After the first NPER1 months, an equal month-end repayment including principal and interest (P&I repayments) is made at the end of each month for NPER2 months until the end of the loan term.

NPER1 Number of months with interest only repayments : 36

Number of years, n, with Principal & Interest (P&I) repayments : 25

NPER2 Number of months, n*m, with Principal & Interest (P&I) repayments : 300

Interest rate, jm, p.a (compounding monthly) : 8%

Interet rate per month (i=jm/m) : 8%/12 Loan amount : $936,814

Question: Use excel formula to calculate(eg. PV, FV, PMT, RATE, NPER, IPMT, PPMT, ROUNDUP/DOWN) At the end of which month will it be for the loan outstanding balance to be less than 80% of the original loan amount for the first time.