Question: Please use Microsoft excel to solve the following questions. 1a) You borrowed a 15-year loan of $1,000,000 from a bank. Interest is compounded monthly and

Please use Microsoft excel to solve the following questions.

1a) You borrowed a 15-year loan of $1,000,000 from a bank. Interest is compounded monthly and the annual interest rate is 2.5%. Find the monthly repayment amount.

1b) You borrowed a 10-year loan of $1,200,000 from a bank. Interest is compounded monthly and the annual interest rate is 2%. What is the total interest expense of the loan?

1c) You borrowed $50,000 from a bank 2 years ago at an unknown interest rate. You only know that interest is compounded monthly; and your monthly repayment is $3,000 with a payment holiday in August of each year. Assuming there is no handling fee or any other charges, find the APR of the loan.

1d) You borrowed $50,000 from a bank 2 years ago at an unknown interest rate. You only know that interest is compounded monthly; and your monthly repayment is $3,000 with a payment holiday in August of each year. Assuming there is no handling fee or any other charges, what is the total interest expense of the loan?

1e) You borrowed $388,800 from a bank. Interest is compounded annually and the annual interest rate is 3%. Suppose you make a yearly repayment of $30,000 every year. How many years does it take to pay off the debt? (Round up to the nearest year)

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