2. Assume that the holder of the note payable would be agreeable to a restructuring of the note, rather than proceeding with a liquidation of the corporation. In turn, the corporation would be...

2. Assume that the holder of the note payable would be agreeable to a restructuring of the note, rather than proceeding with a liquidation of the corporation. In turn, the corporation would be agreeable to quarterly interest and principal payments not to exceed $52,716 and an interest rate of 6%. If the note holder insists on a restructured note with a present value of $80,000 more than what they would receive under a liquidation, determine the minimum term of the restructured note.

3. Rather than a liquidation, assume that the mortgage was restructured as follows: 72 monthly payments of $15,195.39, an additional $100,000 payment at the end of month 72, and expensed legal fees of $20,000 associated with the restructuring. Determine the annual implicit interest rate for the restructuring.