Please share formulas for part b and d. other solutions don't show. (24 marks) Ray is looking to finance a $50,000 Backhoe Loader to be used in pipeline construction. Hed like 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)

b) Construct a table for the principal, the interest, the repayment and the total payment for each month. (5 marks)

c) Graph 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 bank now offers Ray a two-year 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 interest). The AP stays 5 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. (5 marks)

e) Should Ray take this new offer? Explain. (3 marks)