Table: Interest Rates and Inflation This Table Shows Inflation and Interest Rate Data on Loan

Essay

Table: Interest Rates and Inflation $$\begin{array} { l c c c c } \hline \text { Year } & \text { Expected } \boldsymbol { \pi } & \text { Actual } \boldsymbol { \pi } & \text { Nominal Interest Rate } & \begin{array} { c } \text { Realized Real } \\\text { Interest Rate }\end{array} \\\hline 2006 & 2 \% & 3 \% & 3 \% & \% \\2007 & 1 \% & 3 \% & 2 \% & \% \\2008 & 2 \% & 3 \% & 4 \% & \% \\2009 & 7 \% & 5 \% & 9 \% & \% \\\hline\end{array}$$
This table shows inflation and interest rate data on loan contracts in different years.
A) Fill in the "Realized Real Interest Rate" column in the table.
B) In which year(s) were the actual real interest rates on loan contracts negative?
C) In which year(s) did lenders gain at the expense of borrowers?
D) In which year(s) did borrowers gain at the expense of lenders?