Helen borrows $1000. To repay the amount, she makes 12 equal monthly payment of $93.12. Determine the following Rates: Show detail of your Set up Data, Formula, Calculation and Final Answer for each part. a) What is Your The effective Yearly rate? b) The effective Every 2 years interest rate? c) The effective Continues interest rate? d) The effective monthly interest rate? e) The effective Every Other- Week interest rate? f) If you Would Like to get a Loan ? Which one Rate recommend and Why?

Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 1E
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Helen borrows $1000. To repay the amount, she makes 12 equal monthly payment of
$93.12.
Determine the following Rates: Show detail of your Set up Data, Formula,
Calculation and Final Answer for each part.
a) What is Your The effective Yearly rate?
b) The effective Every 2 years interest rate?
c) The effective Continues interest rate?
d) The effective monthly interest rate?
e) The effective Every Other- Week interest rate?
f) If you Would Like to get a Loan ? Which one Rate recommend and Why?
Transcribed Image Text:Helen borrows $1000. To repay the amount, she makes 12 equal monthly payment of $93.12. Determine the following Rates: Show detail of your Set up Data, Formula, Calculation and Final Answer for each part. a) What is Your The effective Yearly rate? b) The effective Every 2 years interest rate? c) The effective Continues interest rate? d) The effective monthly interest rate? e) The effective Every Other- Week interest rate? f) If you Would Like to get a Loan ? Which one Rate recommend and Why?
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