### Spreadsheet Project Task 1 – ACST201 Financial Modelling

Spreadsheet Project Task 1 Today is 1 January 2018. MQU bank is oﬀering a 5 year $100,000 loan product to its customers.(25 marks). [10 marks] This loan product requires customers to make monthly repayment. Payment will be paid at the beginning of each month with an amount of $2,000. Use the Goal Seek to find the implied annual nominal rate of interest payable monthly (i.e., j12) charged by MQU bank. [8 marks] For this loan product, each customer needs to pay an initial cost of $200 at the beginning of the loan. Use the Goal Seek to find the real borrowing cost for a customer (expressed as an annual rate payable monthly j12). This loan product requires customers to…

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