Please show and solve each step you do on a financial calculator!

1. Given the following information, calculate the effective borrowing cost (rounded to the nearest tenth of a percent). Loan amount: $166,950, Term: 30 years, Interest rate: 8 %, Monthly Payment: $1,255.00, Discount points: 2, Other Closing Expenses: $4,611. Draw your cash flow diagram and show your steps used in financial calculator.

2. A client has requested advice on a potential investment opportunity involving an income producing property. She would like you to determine the internal rate of return of the investment opportunity based on the following information. Expected Holding Period: 2 years; End of first year NOI estimate: $1,130; NOI estimate in subsequent year will grow by 5% per year; The property is expected to be sold at the end of year 2: $16,000; Current market price of the property: $14,000. Using discount rates of 14% and 16% for NPV, then solve for IRR using the Trial and Error method. Draw your cash flow diagram and show your manual calculations.