Question: For Problems 1 and 2, you can use any Excel technique explored in the last two labs. 1.You have taken a loan of $140,000 CAD.

For Problems 1 and 2, you can use any Excel technique explored in the last two labs.

1.You have taken a loan of $140,000 CAD. The nominal annual rate of interest compounded monthly on this loan is 7.03%. You can afford to pay monthly $ 1066.22 CAD.

How many months it will take you to repay the loan?

Your answer will be an integer value that includes the last monthly payment, which will be smaller than the rest.

2.You have taken a loan of $185,000. You can afford to pay monthly payments of $1440.33. This loan will be repaid in 18 years.

What is the nominal annual rate of interest charged on this loan?

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