Question: Please show your work and formula on excel sheet. Thank you. Assume you borrow $8,000,000 with a coupon rate of 8% from a bank as

Please show your work and formula on excel sheet. Thank you.

Assume you borrow $8,000,000 with a coupon rate of 8% from a bank as a mortgage against your newly renovated plant. The loan is paid off in 7 years. You will pay an equal amount every year until the loan is fully paid off. What are the interest and principal payments for each year of the loan.

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