Question: PLEASE DONT WRITE THIS IN EXCEL, PLEASE BY TYPING OR HANDWRITING, Thanks! 2. (12 marks] A loan of $20,000 is repaid by level installments of

PLEASE DONT WRITE THIS IN EXCEL, PLEASE BY TYPING OR HANDWRITING, Thanks!

2. (12 marks] A loan of $20,000 is repaid by level installments of $2,500 at the end of each year and a smaller final payment. Assume the annual effective interest rate is i(1) = 8%. (a) [3 marks] What's the period of the amortized loan? (b) [3 marks] What's the final loan payment? (c) [3 marks] What's the closing balance at the end of the 6th year right after the payment? (d) [3 marks] What's the amount of the principle repaid in the 7th loan installment

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