Part II: Long Answer [24 marks} Clearly label each answer. Show your work, isil'liCl'l indudes inputting given information into Excel {e.g., APR, number of compounding periods, etc). Don't hardcode yalues into functions. Marks inll he affected by if links between calculations are present or not, how data are entered and presented, and formatting [at least hold or use borders appropriately to increase readability, and properly label charts). 1. {24 marks) Ray is looking to finance a Sifl Backhoe Loader to be used in pipeline construction. He'd lilte to get financing from the bank for monthly payments [at the end of each month} for an annual interest rate of 10%, compounded monthly with an AP of 5 years. a} Find the effective monthly interest rate and define for it the name MIR. {1 mark) h} Construct a table for the principal, the interest, the repayment and the total payment for each month. {5 marks} c} lGraph the columns concerning the interest and the repayment data, showing total payments by interest and repayment over all months. Include the appropriate chart elements. (5 marks} The banlr now offers Ray a twoyear grace period, which means that the first payment will be made two years after the Backhoe Loader is bought (though this period is subject to intere st). The AP stays in years in total, meaning he will repay the principle over 3 years. d} Construct a new table for the principal, the interest, the repayment and the total payment for each month over the 5 years. {3 marks) e} Should Ray take this new offer? Explain