1.Which of the following scenarios will give INACCURATE results when using the PMT function.

Select one:

a.

When the interest rate is the same every month for the whole period.

b.

Using a number of months as NPER, for monthly annuities, but where the number isnt exactly divisible by 12.

c.

When the monthly payment is the same every month until the loan is repaid.

d.

When the interest rate changes every month.

2. Jack borrows $14,000 to be repaid in 2 equal year-end amounts over 2 years. If the interest rate is 4.9% per annum compounded quarterly, Jacks annual repayment is (rounded to nearest dollar; dont include the $ sign or commas):