Please state the formulas for each.

8. Seeing further financing opportunity with the firm, mCommerceBank has sweetend the deal further The bank has agreed to provide loan of S2102, at a rate of 8% per annum, and payments of $95.05 per month (at the end) till the loan is repaid completely Enter the values of Present Value Type and PMT in cells C59, C61 and C62 respectively. Write a formula in cell 058 to compute the monthly interest rate charged by the bank () Write a formula in cell C64 to compute the loan duration (number of months) 8% Correct Answer Annualized Rate (APR) Monthly Rate Present Value (PV) Future Value (FV Type PMT 0 Loan duration [Number of months) 24.00 Loan duration (Number of months) H 2 3 8. Seeing further financing opportunity with the firm, mCommerceBank has sweetend the deal further. -4 The bank has agreed to provide loan of $2102, at a rate of 8% per annum, and payments of $95.05 per month at the end) till the loan is repaid completely Enter the values of Present Value, Type and PMT in cells C59, C61 and C62 respectively, (5) Write a formula in cell 058 to compute the monthly interest rate charged by the bank. 55 () Write a formula in cell C64 to compute the loan duration number of months) 56 57 Annualized Rate (APR) 8% 50 Monthly Rate Correct Answer 59 Present Value (PV) 60 Future Value (FV) 0 Loan duration 61 Type Number of months) 62 PMT 63 Loan duration (Number of months) 65 24.00 64