2. Note that this question has different problems depending on if you are in TRSS 420 or TRSP 620. A few hints for this problem. A principle amount is not given. This means that it does is. You may assume some value if it makes calculations not matter what the initial principle easier. Also, some may find excel useful though not necessary TRSP 6201 A student has been offered a 4 year loan at a simple interest rate of 7% per year. Another bank has offered the student a loan with compound yearly interest. What is the maximum interest rate of the compound interest loan for the student to accept their offer? Assume no payments will be made until the end of the 4th year [TRSS 4201 A student has been offered a 4 year loan at a compound interest rate of 7% per year. Another bank has offered the student a loan with simple interest. What is the maximum interest rate of the simple interest loan for the student to accept their offer? Assume no payments will be made until the end of the 4th year 3. A company borrowed money at 5% interest per year (compound interest) to purchase new equipment. If the company got the loan 3 years ago and paid it off with a single payment of $28,941 what was the principal amount, P, of the loan