Question

Josh borrows $1000. To repay the amount, he makes 12 equal monthly payments of $93.12. Determine the following: a. Draw the c

Please draw diagram neatly and the answers for b and c as well, thank you.

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Answer #1

a) Cash flow diagram 1000 1 2 1 3 4 F 6 7 8 9 10 11 12 R 93.12 93.12 93.12 93.12 93.12 93.12 93.12 93.12 93.12 93.12 93-12 43c) The nomined annual interest rate = 12x 13.12 - lowo xloo Tour 1.744 %.

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