please solve last part. Eddie borrows $1000. To repay the amount she makes 12 equal monthly payments of $93.12. Determine the following: Please answer all 4 parts and draw a diagram. Thank you! (i) The monthly interest rate, (ii) The nominal annual interest rate, (iii) The effective annual interest rate, (iv) The interest paid in month 2 and the amount paid towards the principal in month 2.
please solve last part. Eddie borrows $1000. To repay the amount she makes 12 equal monthly payments of $93.12. Determine the following: Please answer all 4 parts and draw a diagram. Thank you! (i) The monthly interest rate, (ii) The nominal annual interest rate, (iii) The effective annual interest rate, (iv) The interest paid in month 2 and the amount paid towards the principal in month 2.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please solve last part.
Eddie borrows $1000. To repay the amount she makes 12 equal monthly payments of $93.12. Determine the following: Please answer all 4 parts and draw a diagram. Thank you!
(i) The monthly interest rate,
(ii) The nominal annual interest rate,
(iii) The effective annual interest rate,
(iv) The interest paid in month 2 and the amount paid towards the principal in month 2.
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