You wish to borrow $2,000 to be repaid in 12 monthly installments of $189.12. a). What...

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Answer 1

Answer #1

Calculation is shown below

1 2 Using the rate function in excel we can calculate the monthly interest rate 3 $2,000 12 $189.12 2.00% 4 Amount borrowed (

Following shows working

2000 2 Using the rate function in excel we can calculate the monthly interest rate 3 4 Amount borrowed (PV) 5 No of payments

Answer 2

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