Question 14 (12 points) Per borrows money from his local banking institution. He will repay the loan by making monthly payments of $500 for the next 5 years. He initially borrowed $26,566.92 a) What is the interest rate, compounded monthly, that he was charged on the loan? (4 pts) b) Suppose that 6 months later. Per didn't make any payment on the loan. His banking institution demands payment of the loan in full. What amount will Per need to pay to settle the debt? (4 pts) c) Suppose that Per made all of his payments for the first year. After making the last payment of the first year, he decides to settle the whole loan by making 1 payment to the bank. How much money must he pay to his local bank to settle the debt? (4 pts)