please use excel to show work

3. (12 marks) Raymond wants to buy a house. He has got a pre-approval of $350,000 from the bank for 20 years. He has the following options. In each of the options, he is making monthly payments. I. Bank A offers 2.25% for the first payment period, increasing by 0.05 percentage points every month for 5 months, and after which it will be fixed. II. Bank B offers a fixed rate of 2.85% per year compounded monthly. III. Bank C offers a fixed rate of 3.2% compounded quarterly. a. For each bank, calculate the effective interest rate using the Excel function (Bank A will have one for each month when the interest is variable) b. Evaluate and explain which offer Raymond should select. Use a monthly payment schedule for all the three to explain. Provide the explanation in a Vertical Bullet list under Smart Art for the three options