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 22.1% what is the amount of the monthly repayment? (answer do not include $ sign; show cents eg 100.00) Answer:

\begin{tabular}{l|l|r|} \hline & \multicolumn{1}{|c|}{ A } & \multicolumn{1}{|c|}{ Loan } \\ \hline 1 & \multicolumn{1}{|c|}{ Layment } \\ \hline 2 & Beginning-of-month repayment \\ \hline 3 & Interest Rate, l \\ \hline 4 & Months, n & 24 \\ \hline 5 & Amount of Loan & $1,500 \\ \hline \end{tabular}