Please show work in excel with formulas

5. McGregor has not budgeted wisely. As a result, he needs a quick loan from Mayweather. McGregor needs $6400 and Mayweather has agreed to lend $6400 if McGregor makes six payments to Mayweather of $1200 per month, to be paid at the end of each month. Because the total amount to be repaid is $7200 ($1200x6), Mayweather says that he thinks that the interest rate is 12.5% ($800 in interest on a $6400 loan) and, when pressed, Mayweather acknowl- edges that the effective annual rate is the true measure of the annualized interest and that it might be higher be- (5, cont'd) cause of compounding. However, neither McGregor nor Mayweather knows how to calculate the effec- tive annual rate of interest for this loan, so they have turned to you for help. (Suggestion: Draw a timeline!] What is the EAR on this loan? (4 pts.)