Jake has also been offered a loan. Here are the details of this package. Under this new package, Jake will make 60 monthly repayments at the end of each month. Jake can have a one year interest-only-period at the beginning of the loan. Jakes repayments will be interest-only1 for the first year (i.e., first 12 payments will be interest-only payments), followed by payments of principal plus interest for the following 4 years. During the interest-only period, the interest rate will be j12 = 6% which means Jake needs to repay 6%/12 200000 by the end of each month. Under this new package, Jake needs to pay $4,600 by the end of each month after the interest-only period. This package has an annual fee of $400. The package fee is paid by the end of January of each year during the following five year period (from 1 January 2020 to 31 December 2024). Use Goal Seek to find the implied annual nominal rate of interest payable monthly (i.e., j12) charged by MQ bank for this loan package