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1 A Loan 2 Beginning-of-month repayment 3 Interest Rate, i 4 Months, n 24 5 Amount of Loan $1,500 Recreate the above in excel. You

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1 A Loan 2 Beginning-of-month repayment 3 Interest Rate, i 4 Months, n 24 5 Amount of Loan $1,500 Recreate the above in excel. You seek to borrow $1,500 from a friend to cover your gym fees. You promise to repay the loan in 24 monthly repayments commencing today. If the effective annual interest (EAR) rate is 18.9% what is the amount of the monthly repayment? (answer do not include $ sign; show cents eg 100.00) Answer: 98.44 X

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