1) Suppose you take out a $100,000 loan from a bank, with an interest rate of 13.5% per year compounded monthly, and you wish to repay the loan in equal monthly payments of $7,000. Your task is to find out how many equal monthly payments you need to make to completely repay the loan if the payments are made at the end of each period. Solve by hand and using the excel NPER function. Solution: 16 months

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