Question
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
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 24.8% what is the amount of the monthly repayment? (answer do not include $ sign; show cents eg 100.00)
| Loan | |
| Beginning of month repayment | |
| Interest Rate, i | |
| Months, n | 24 |
| Amount of Loan | $1,500 |
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Business Math
Authors: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble
10th edition
133011208, 978-0321924308, 321924304, 978-0133011203
