Question
Please show all work. If using excel, please list all steps/ formulas. (screenshots also helpful!) 4. You wish to borrow $2,000 to be repaid in
Please show all work. If using excel, please list all steps/ formulas. (screenshots also helpful!)
4. You wish to borrow $2,000 to be repaid in 12 monthly installments of $189.12.
(a) What is the monthly interest rate? (b) What is the APR of the loan? (c) What is the EAR of the loan?
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Finance For Non Financial Managers
Authors: Pierre G. Bergeron
5th Edition
0176104070, 9780176104078
