Question: A man bought a property for $200,000 using a 12 month INTEREST ONLY loan with an annual rate of 4% with monthly compounding. Renovations to

A man bought a property for $200,000 using a 12 month INTEREST ONLY loan with an annual rate of 4% with monthly compounding. Renovations to the property cost an additional $12,000 a month for the first 6 months, and then the property was sold for $270,000 at the end of the seventh month.

a) monthly payment?

b) owed on the loan at the end of the seventh month?

c) annual return from selling the property?

*please show formulas on excel if used

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