Question: For (b) we need compound interest for each year in excel. With calculations. Thanks 3- George wants to take out a bank loan of $400,000

For (b) we need compound interest for each year in excel. With calculations. Thanks

3- George wants to take out a bank loan of $400,000 in order to start running his own business. The bank will lend him this money at a xed interest rate of 9% per annum. Interest on George's loan will be compounded at the end of each month. How much will George have to repay to the bank at the end of each month after interest has been compounded. in order to clear his debt in 25 years? (35marks) C- An Engineering Company decides to put aside an amount of $900 each month in order to save a deposit for a new scraper. He will invest his savings at a compound interest rate of 7% per annum. How much will he have for his deposit after 2.5 years? (35marks)

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