1 Loan 2 Beginning-of-month repayment 3 Interest Rate, 1 4 Months, n 5 Amount of Loan 24 $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 12.8% what is the amount of the monthly repayment? (answer do not include $ sign; show cents eg 100.00) Answer: Next page Suppose that exactly one year ago (on 1 January 2016) Jill starting saving by depositing twelve payments of $1,000 to an investment account paying 6% p.a compounding monthly. In Excel, to calculate the value of the investment today (1 January 2017) we could use: Select one: O a. = FV(rate,nper,pmt, [pvl. [type]) and specify 'type' as 1 O b. = FV(rate, nper,pmt, [pv], [type]) and specify 'type' as 0 C. = PV(rate, nper pmt, [fv],[type]) and specify 'type' as 1 d. = PV(rate,nper,pmt, [fv). [type]) and specify 'type'as 0 Next page ho